In Massachusetts, where I practice real estate law, the closing agent (almost always an attorney) requests a title abstract, which provides an at least 50 year history of the property in question. The Abstract, among other things, will show a “chain of title” which indicates dates and purchase price paid for the various prior deeds. Since the goal of the abstract is to establish that there are currently no “encumbrances” on the property, all mortgages and other consensual liens will be checked out, as well as bankruptcies and foreclosures. I like the process to knitting a sweater. If there is one dropped stitch (i.e problem in closing out all prior encumbrances) the abstract falls apart, and that issue needs to be dealt with.

Parenthetically, in this day and age, the “dropped stitch” is generally a missing mortgage discharge, where a prior mortgage has been paid off, but the proper evidence of same has not been recorded, so that the “record title” still shows the mortgage as being outstanding. Depending on the circumstances, a missing discharge may delay, or even more importantly,  prevent, a pending sale transaction. Having a ready ability to “play over” this imperfection is one of the most important reasons why I always suggest my clients obtain an Owner’s Policy of Title Insurance. With that document in hand, the Title Insurance Company will generally assume the burden of providing the missing discharge, post closing, and the transaction can be completed.

Setting aside the legal aspects of the Title Abstract, I have another “marketing” suggestion for you Buyer’s Agents who want to highlight the unique aspects of the service you are rendering to your Buyer. Request the actual Title Abstract from the title agent furnishing title certification.  This little puppy is crammed with useful information that your Buyer will enjoy researching. It will show who owned the property and for how long. It will show Probates and deaths of owners. It will show how much the property sold for in 1968, and the price fluctuations throughout the period  of the Abstract. It may also show divorces and other instruments and agreements affecting the property.

In this age of Google, your Buyer will have a field day looking up the prior owners, and determining whether any of them are famous,or at least noteworthy. From the 50 year Abstract, your Buyer can make a Registry or Town Hall visit and find a way to trace the house’s longer than 50 year history set forth in the Abstract. I have found that local Registry officials are more than happy to direct constituents to the old document books either on site or in an off-site archive. Lots of cocktail conversation, and more, is sitting right there in the Registry.

For my important clients, I have done this work, myself, and presented my clients with a house “family tree” at the closing. It is just one of the little things I try to do to differentiate myself from other Massachusetts conveyancers doing, essentially, the same work I am doing. This might be an interesting “add-on” for you Buyer’s Agents, as well