What Wallace Abstracting Does and Why You Need Title Abstracts

Wallace Abstracting provides title abstract services for real estate transactions in South Carolina

A title abstract is a written summary of all the recorded documents affecting a piece of property — deeds, liens, mortgages, easements, and any other claims on the land. Wallace Abstracting compiles these records from county courthouses and other public sources, then organizes them into a single document that shows the chain of ownership and any encumbrances. This abstract becomes the foundation for title insurance and closing documents.

When you buy property in South Carolina, your lender and title company need to know the property's legal history before they will fund the loan or issue insurance. Wallace Abstracting retrieves and summarizes that history so title companies can verify ownership is clear and identify any problems — unpaid taxes, old liens, boundary disputes, or other issues — before closing day.

Key Takeaways

• A title abstract is a chronological summary of all recorded documents tied to a property, created by pulling courthouse records.
• Most lenders require an abstract or title insurance commitment before they will close a loan on South Carolina real estate.
• Wallace Abstracting pulls records from county registers of deeds and other public offices, then organizes them into a readable document.
• The abstract process typically takes several business days and costs vary depending on property location and record complexity.

What documents go into a title abstract

The abstract begins with the original deed or patent that first conveyed the land, then includes every recorded transaction since — sales, mortgages, liens, judgments, easements, and restrictions. If the property was subdivided, the abstract shows the plat. If someone filed a lien against the owner, that appears too. The goal is to create a complete paper trail so a title examiner can spot problems.

County registers of deeds maintain these records, organized by property or by owner name. Wallace Abstracting searches these indices, pulls the actual documents, and arranges them in chronological order with summaries of what each one says. A property with a straightforward ownership history might have 10 to 20 documents in its abstract. A property with older ownership, multiple liens, or boundary issues might have many more.

Why lenders and title companies request abstracts

Before a lender will fund a mortgage, they need assurance that the property can be legally pledged as collateral. Title insurance companies need the same assurance before they will insure the title. An abstract gives both parties a clear view of the property's legal status and any risks. If the abstract reveals a problem — say, an old lien that was never released, or a boundary easement that limits use — the title company or lender can require it to be resolved before closing.

In some South Carolina transactions, a title company may order an abstract and then issue a title insurance commitment based on it. In others, the abstract itself is the primary document the lender reviews. Either way, the abstract is the starting point for understanding what you are actually buying.

How to request an abstract from Wallace Abstracting

Contact Wallace Abstracting directly with the property address and the county where it is located. You will need to provide the parcel number or legal description if you have it — this speeds up the search. If you are buying the property, your real estate agent or closing attorney usually handles the request on your behalf, so you may not need to contact them yourself.

Wallace Abstracting will search the register of deeds and any other relevant public records, compile the documents, and prepare the abstract. Turnaround time depends on how busy the office is and how complex the property's history is, but most abstracts are completed within several business days. The cost varies by county and by the number of documents in the chain of title.

The difference between an abstract and a title commitment

An abstract is a summary of recorded documents — a factual history. A title commitment is issued by a title insurance company and goes further: it identifies which recorded items are problems, which ones can be cleared before closing, and which ones the title company will insure over (meaning they will cover you if a problem arises later). A title commitment also lists what the title company requires before it will issue a final policy.

Many transactions use both. Wallace Abstracting provides the abstract; a title company uses the abstract to prepare the commitment. Some lenders accept an abstract alone, while others require a full commitment. Your closing attorney or real estate agent will know which your lender needs.

Common issues found during abstract review

Abstracters and title examiners often find liens that were never released after a loan was paid off, or tax liens from unpaid property taxes in prior years. Boundary easements — rights for utilities or neighbors to cross the property — are common and usually do not stop a sale, but the buyer needs to know about them. Deed restrictions from decades ago might limit how the property can be used. Occasionally an abstract reveals a gap in the chain of title, meaning a document is missing or a transfer was never recorded.

Most of these issues can be resolved before closing — a lien holder can sign a release, taxes can be paid, a missing document can be located and recorded. The abstract's job is to surface these problems early so they do not derail the transaction on closing day.

Frequently Asked Questions

Do I need an abstract if I am getting title insurance?

Many title insurance companies order an abstract as part of their underwriting process, even if you do not see it. Some lenders require an abstract to be ordered separately. Ask your lender or title company whether an abstract is needed for your transaction — it may already be included in the title insurance process.

How long does it take to get an abstract?

Most abstracts are completed within three to five business days, depending on how busy the abstracting office is and how many documents are in the property's history. If the property has a complex ownership history or records are difficult to locate, it may take longer. Contact Wallace Abstracting for a timeline specific to your property.

What if the abstract shows a lien I did not know about?

Liens discovered during abstract review are usually resolved before closing. The seller is typically responsible for clearing liens they created. Your closing attorney or title company will work with the lien holder to obtain a release or payoff letter. If a lien cannot be cleared, the title company may agree to insure over it, or the sale may not proceed.

Can I order an abstract myself, or does my agent have to do it?

You can contact Wallace Abstracting directly to order an abstract. However, in most transactions your real estate agent, closing attorney, or lender orders it as part of the closing process. If you are buying without representation, you have the right to order it yourself.

What information do I need to provide to Wallace Abstracting?

Provide the property address, the county, and the parcel number if you have it. If you have a legal description from a prior deed or survey, include that too. The more specific your information, the faster Wallace Abstracting can locate and pull the correct records.