What is a title opinion?
Full text of question: What is a title opinion, who does them and where can I find copies of them? An oil landlease agent has contacted me in reference to drilling on property that I supposedly own, stated that 3 title opinions had been done, and that I in fact do own it. I am very hesitant about signing a lease, without knowing for certain that I in fact do own this property. Answer: A title opinion is a form of legal opinion rendered by an attorney who specializes in such matters. The crux of the title opinion is the attorney’s legal opinion that title to the property is vested in certain persons whose names appear in the public records, less and except (or subject to) certain claims, leases, debts, obligations, sell-offs, etc. Typically a title opinion excludes all matters not expressly shown by the public records of the parish where the immovable is located, and all things that might impact title that would or could be shown by a competent boundary and/or encroachment survey, a wet
A title opinion is the opinion of an attorney regarding the marketability of the title based upon a title examination. It is not an insurance product, but is sometimes relied upon by lenders or owners to validate their interest in the property. What is title insurance? Title insurance is a means of protecting yourself from financial loss in the event that problems develop regarding the rights to ownership or use of your property. It is a policy of insurance which insures owners of property, or others having an interest therein, against loss from undisclosed liens, defective titles or adverse claims to title. Title insurance will pay to defend against any lawsuit attacking your title as insured, and will either clear up title problems or pay the insureds losses. For a one-time premium, an owners title insurance policy remains in effect as long as you, or your heirs, retain an interest in the property. Why is an owner’s policy of title insurance necessary?
A title opinion is a letter opinion prepared by an attorney giving the lawyer’s opinion concerning ownership of a parcel of real estate and liens that may encumber it. From that opinion, a buyer or lender make decisions about whether steps need to be taken prior to closing or at closing to resolve title defects or satisfy liens as part of the transaction.
