Let’s start with what your abstract is and why it matters. The abstract to your home is one of the most important documents you must keep track of. It is a bound collection of entries that gives a history of the property, including who had an interest in the property, any encumbrances and restrictions, and the legal description and plat of the property.
Keeping track of your abstract is very important because although it isn’t irreplaceable, it is very expensive to replace. Replacing your abstract can range anywhere from $500-$1,000 and up.
Where to Keep Your Abstract
So where should you keep your abstract? Keep it anywhere that is safe, clean, and somewhere you will remember. Here are some of the best options:
- Abstract Company- Some abstract companies will store your abstract for you for free or at a minimal charge. If something happens to it while in their care, they will replace it for you for free. They can also update it when you are ready to sell.
- Safety Deposit Box- Safety deposit boxes are relatively cheap and are protected under lock and key. It can be easy to remember where they are located since your box typically holds the most important documents and items.
- Fireproof Safe- Keeping your abstract in a fireproof safe is a good way to store your abstract at home. Keep in mind that most fireproof safes are only fire-rated to a certain time/temperature.
No matter where you choose to keep your abstract, make sure that you keep track of it from the moment you close on your home, until the moment you are ready to sell. This is about the only time you will need this document, so make sure you know where it is!