115 S. FILLMORE ST
MOUNT AYR, IOWA 50854
Phone:
641-464-2108
Fax: 641-464-2017

All About Abstracts

Meet our Owner, Mike Mclain

ALTOONA, IOWA – Mike McLain was honored among the first of eleven recipients from across the state of Iowa with the Iowa Land Title Association (ILTA) Certified Land Title Professional (CLTP) designation. Recipients received their designation certificates at the ILTA Annual Convention banquet on May 4, 2013 at The Events and Conference Center in Altoona, IA.

The ILTA CLTP was developed to create recognizable standards and a goal of professionalism among title persons in the land title industry in Iowa, encourage title persons to expand their education and abilities to achieve excellence in the performance of their duties, and to bring awareness and develop characteristics of professionalism to serve the land title industry and the citizens of Iowa.

The ILTA CLTP requires the successful completion of four courses of study and exam. These courses are considered graduate level courses and require a 90% pass rateThe four courses are Chain of Title Voluntary Alienation, Chain of Title Involuntary Alienation, Legal Descriptions and Legal Entities and Special Circumstances. The courses were developed in cooperation with the University of Northern Iowa Center for Real Estate Education and are presented at the university’s campus in Cedar Falls.

Mike-McLain
Mike McLain Receives Certified Land Title Professional Certification

WHAT IS AN ABSTRACT  OF TITLE?

An Abstract of Title is a "comprehensive abbreviated history" of real property.

WHAT IS CONTAINED IN AN ABSTRACT?

An abstract shows who all has owned a specific piece of property, any mortgages they may have had, easements, if the property ever changed hands through an estate or divorce proceedings, any unpaid judgments a particular owner may have had while he/she owned the property, mechanics liens, ordinances, just to name a few items that are included.

HOW MUCH DOES AN ABSTRACT COST?

This question is asked almost every time a person needs to have his/her abstract updated. The price varies due to how much new information will be placed into the abstract.  If it has been several years since the abstract was updated, or we have to make a new one, the cost can be great. But until the abstractor has had a chance to look at your abstract and search their tract indices, court records, tax records, etc., there is no way the abstractor can give you an accurate cost.  It's similar to hitting a deer with your car. Until you take it to a body shop, there is no way to tell how much it will cost to fix.

Who is responsible for providing the abstract

The seller of the property is normally required to provide the buyer with the abstract.

EXPLAIN THE PROCESS OF UPDATING AN ABSTRACT

When you buy property, the seller or his/her agent will bring in the abstract for a preliminary update. The abstractor will search the county records and their own tract indices and identify any new recordings that need to be shown since the previous continuation. This could include mortgages, liens, judgments, easements, divorces, estates and foreclosures, just to name a few items. The abstractor will then type up these new recordings in abbreviated format and then deliver the completed abstract to the buyer's attorney for a preliminary title opinion.

HOW LONG DOES IT TAKE TO UPDATE AN ABSTRACT?

Again, it will depend on the number of entries that need to be made.  At Abstract & Title Co., we strive to maintain Iowa Title Guaranty's standard of a three-day turnaround for a preliminary, seven-day turnaround for a final, and we ask for two weeks for a Root of Title or new abstract.  Of course, if we have to wait for documents to be filed, such as a mortgage release, that time can be greater.