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An abstract of title is "a condensed history of the title to land consisting of a synopsis or summary of the material or operative portion of all conveyances of whatever kind or nature which in any manner affect the land." It consists of a summary of deeds, mortgages, leases and other documents and matters of record affecting title. The abstract is not a title opinion nor is it a guarantee of title. It does not give legal conclusions.
While documents recorded in the county recorder's office generally comprise a substantial portion of the abstract, it includes much more. For example, among other information, it includes taxes from the treasurer's office, assessments from the assessor's office, exemptions from the auditor's office, litigation affecting real estate, judgments from the clerk's office and bankruptcies from the Federal Court.
An abstract usually covers the entire history of title to the real estate beginning with the grant from the United States government and continuing through to a date close to the anticipated consummation of sale or mortgage. In most instances, an abstract represents a compilation of separate searches of title for specific periods of time by various abstracters who have added "continuations" to the preceding abstracting work.
An attorney will examine the abstract and will prepare a title opinion pointing out the ownership of the real estate, liens and encumbrances and whether or not the title is marketable.
The attorney's title opinion is just that: an opinion. The examining attorney would be liable if the attorney improperly examined the abstract and made a mistake insofar as pointing out liens and encumbrances and the ownership of the title. However, if the examining attorney evaluates the law and reaches a conclusion as to the marketability of the title which a court or another attorney disagrees with, the examining attorney will not necessarily have any liability to his client. | 
