What does an attorney's title opinion do before closing on a purchase?
An attorney's title opinion discloses various aspects related to the property's ownership, but it does not disclose personal judgments against the seller.
Understanding Attorney's Title Opinion
An attorney's title opinion plays a crucial role in the real estate purchase process. Before closing on the purchase, it is essential to obtain an attorney's title opinion to ensure that the buyer acquires marketable title to the property.
Guaranteeing Marketable Title
One of the key functions of an attorney's title opinion is to guarantee that the buyer obtains marketable title. This means that the buyer will receive clear and unencumbered ownership of the property without any undisclosed issues that could affect their ownership rights.
Disclosing Unreleased Liens
Another important aspect of an attorney's title opinion is to disclose any unreleased liens against the property. This information is crucial for the buyer to understand any existing claims or restrictions on the property that could impact its value or future ownership.
Property Taxes and Special Assessments
Additionally, the attorney's title opinion will disclose the amount and status of property taxes and special assessments related to the property. This information is vital for the buyer to be aware of any financial obligations associated with the property that they will be responsible for upon purchase.
In summary, an attorney's title opinion provides a comprehensive analysis of the property's ownership history and potential issues that may affect the buyer's acquisition of marketable title. While it discloses various aspects related to the property, it does not disclose personal judgments against the seller.