Which document summarizes all recorded transactions affecting ownership?

The document that summarizes all recorded transactions affecting ownership is the abstract of title. This document compiles a comprehensive history of ownership, liens, encumbrances, and other claims against a property. It provides a chronological list of recorded documents that impact the title, making it invaluable for title searches.

The abstract of title serves to establish a clear chain of title, which is essential for determining property ownership and ensuring there are no outstanding issues that could affect the transfer of the property. This summary is often used by title agents and attorneys to assess and confirm the legal status of a property's title before it is bought, sold, or mortgaged.

In contrast, a title policy is an insurance document that protects against defects in title that were not discovered during the title search process. The title search report details findings from the title search, while the closing statement outlines the financial aspects of a real estate transaction, including costs and credits. These documents serve different purposes and do not summarize the complete record of ownership transactions as effectively as the abstract of title does.