It is a history of the title to real property as revealed by public records. It includes deeds, mortgages and other legal instruments and proceedings affecting the property through the years.
It may not ... simply because the public records from which an abstract is made, may not show everything which affects the title to the property, and it doesn't reveal description or area problems for which a survey is needed.
Yes, with title insurance.
Title Insurance is protection for the real estate buyer insuring against loss if a defect is found in the title to real property, including residential or commercial property. It is also protection for a lender insuring the outstanding balance on the lender's mortgage.
It provides security through a title insurance policy issued by a title insurance company licensed to do business in New York State. The insurance protection continues to the owner as long as the owner owns the real estate or to the lender as long as there is a mortgage outstanding to the lender.
There is a one time premium uniformly established by the New York State Insurance Department. The premium cost is based on the purchase price of the insured property or the amount of the mortgage loan. If the owner purchases insurance simultaneously with coverage to protect a lender, there is a combined owner/lender discounted premium. For a relatively small price it provides a great deal of security and peace of mind.
