Title opinion is a written statement from an attorney which describes the quality of title to a property. It gives an analysis of the title search regarding the current ownership rights in the property. It states whether there is any kind of lien or cloud in the title to the property.
[b:1832bc025c]Purpose of the Title Opinion:[/b:1832bc025c]
The title opinion describes the property, provides the names of the owners and any exception that the attorney has discovered to the title. Such exceptions include recorded building restrictions, servitudes, and building set-back lines. The opinion is issued on the basis of the information provided in the public records of the parish in which the property is situated.
A title Opinion states whether a property has any mortgage or lien against it. But if the attorney says that, there is no such lien and it happens that there is such a defect in the title, then he has to fix up the problem. The attorney then has to get rid off the problem at his expenses. He may even have to pay off the mortgage or judgment. Thus, title opinion is a low-cost insurance policy that lasts for as long as the attorney is legally responsible to resolve any problem he overlooked. The obligation is limited to the time frame that an attorney can be sued for malpractice.