When you purchase or sell a home, the title of the property will be transferred from the seller to the buyer at closing making the buyer the owner of the home. A title company will research your title and avoid any surprises, secure your private information, close on your home and file the necessary documents with the county after closing. An abstract is a condensed history of the property and includes all of the recorded transactions affecting the property. The purpose of an abstract is to give the examiner the condition of title to the property as it appears of record. An abstract contains information such as: the current and prior owners of the property, mortgages against the property, satisfactions of prior mortgages, easements and rights-of-way across the property, bankruptcy matters, and more.