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Simple English definitions for legal terms
title opinion
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A quick definition of title opinion:
A title opinion is a lawyer's or title company's written statement about whether a piece of real property has a clear and marketable title or if it is encumbered. It helps people know if they can buy or sell the property without any legal problems. It's like a report card for the property's title.A more thorough explanation:
Definition: A lawyer's or title company's opinion on the state of title for a given piece of real property, usually describing whether the title is clear and marketable or whether it is encumbered.
Example: John wants to buy a house, but before he does, he hires a lawyer to conduct a title search and provide a title opinion. The lawyer examines the property's history and determines that the title is clear and marketable, meaning there are no liens or other issues that could prevent John from owning the property.
Explanation: A title opinion is a legal document that provides an expert's understanding of the state of a property's title. It is important for buyers to obtain a title opinion before purchasing real estate to ensure that they are getting a clear and marketable title. The example illustrates how a lawyer's examination of a property's history can lead to a determination of whether the title is clear and marketable or encumbered.