These terms are commonly used by buyers, sellers, and real estate professionals during the course of a real estate transaction. If you understand the language and the shorthand, you can better protect yourself in the real estate marketplace. An abstract is a history of a piece of property including a summary of the public records relating to that land.
Some people mistakenly believe that an abstract is like a motor vehicle title certificate.
That belief is wrong. An abstract is simply a summary of the history of property. With that history it is possible to draw conclusions about ownership and liens. The right of a lender to demand immediate repayment of a loan, usually because of some kind of default on the part of the borrower. Agent Someone who acts for another.