In the acquisition of real estate there are certain matters with which the accountant is particularly concerned. The more important of these are:

1. The report of the purchase, giving the particulars of the acquirement.

2. The documents involved, consisting usually of deeds of conveyance, quitclaim deeds, previous conveyances, satisfactions of mortgages, tax receipts, etc.

3. The certificate from the attorney as to the title, or the title policy guaranteeing the title. In large concerns this is sometimes made on a printed form. If an attorney's certificate is used, it should give not only the name of the owner, but a description in sufficient detail to identify the property positively. It should not read merely: "The property of John Doe" - a description so indefinite that it may be used by fraudulent persons to stretch a certificate over titles which never were submitted to the attorney for examination. (See Form 18, Section 24.)

4. Any policies of fire insurance transferable with the property. These should be examined not only as to their general terms, but particularly as to indorsements which may be necessary on account of changes of ownership, or in connection with mortgages, etc.

5. The entry on the office records of the land acquired, beginning with the property index and proceeding as far as may be necessary, through the property ledger, mortgage ledger, insurance record, etc. In the entries in the property ledger, the value of land and of the improvements thereon should be shown separately, as already stated'.