Title / Legal Opinion
SERVICE OVERVIEW
Title / Legal Opinion
WHAT IS LEGAL / TITLE OPINION?
A title opinion is the written opinion of an attorney, based on the attorney's title search into a property, describing the current ownership rights in the property, as well as the actions that must be taken to make the stated ownership rights marketable. In the real estate sector, various types of title opinions exist, each with a different scope and purpose, including drilling title opinions, division order title opinions, mortgage opinions, and acquisition opinions.
Title opinion refers to a legal professional's or title company's professional judgment as to the state of title for a given piece of real property. This is issued following a title search by the attorney. The opinion describes whether the title is clear and marketable or whether it is encumbered. It determines the legal owner, reveals mortgages, liens, judgments, or unpaid taxes, and details existing restrictions, easements, or leases affecting the property.
IMPORTANCE OF TITLE / LEGAL OPINION
A professional opinion about the title will always come from a legal professional or title company. The opinion will describe if the title is clear and marketable or if it has any encumbrances. The opinion will also advise of the legal owner of the property and reveal any mortgages, lien judgments, or unpaid taxes on the property. The opinion of the title should include any existing restrictions on the property from easements or leases.
Depending on the needs of the future owner or business, opinions can be long, short, detailed, or brief. The requirements of the opinion can be given to the legal professional ahead of time, so they know specifically what the new owner is hoping to find to form the opinion. This tactic gives the new owner peace of mind as they move forward with their purchase.