Can I proceed without abstract?

[aecadefreaque]

In Iowa, I am looking to but a piece of property, but the seller has lost the abstract.

I have contacted an abstract company to begin the process of recreating the abstract. Unfortunately the process could take up to 2 months, and we & the seller are ready to finalize now.

Do I need the abstract in order to purchase the property and have it recorded? Or can i simply record the sale with the county recorder and go on with life?

It only occurs to me that the abstract may not be 100% required, as the last property we bought was done with the abstract in our safe, and a single page document filed with the recorder. I should mention that the property is of very little value - our new is costing almost as much as the property

 

[Zigner]

What happens if the current "owners" don't have marketable title? In other words, what happens if you get snookered?

I would speak with a local attorney, or at least with a local title company, about the matter.

 

[aecadefreaque]

What happens if the current "owners" don't have marketable title? In other words, what happens if you get snookered?

I would speak with a local attorney, or at least with a local title company, about the matter.

Good point. I do know that the current owner received a quit claim deed to the property as part of a divorce - I can see that recording on the county GIS website as the last recorded transaction for the property. Not REAL concerned about this issue though, as I really just want the address to establish residence in this town.