Good and Merchantable Abstract of Title Law and Legal Definition

Good and merchantable abstract of title means a clear, good, and marketable title of the property, rather than the history of the property. An abstract of title is, in a legal sense, a summary or epitome of the facts relied on as evidence of title. It must contain a note of all conveyances, transfers or other facts relied on as evidences of the claimant's title, together with all such facts appearing of record as may impair the title. It should contain a full summary of all grants, conveyances, wills, and all records and judicial proceedings whereby the title is in any way affected, and all encumbrances and liens of record, and show whether they have been released or not.