which attorney does title opinion

Is a title opinion the same as an abstract?

An abstract of title is different from other types of title related products. It is also distinguishable from an attorney's opinion of title and a chain of title. An abstract of title is the condensed history of the title on a specified parcel of real estate.

How do I do a title search in NC?

How to Conduct a Title Search in North CarolinaCollect Previous Title Work. ... Compare Companies. ... Consider Search Types. ... Order the Title Search. ... Review the Search. ... Choose All American Document Services to Avoid Transaction Delays.

Is a title opinion required in Iowa?

In order to prepare the deed, GWHS and DOV, the seller's attorney will need to have a copy of the title opinion, the names of the buyers, the social security numbers for both the seller and buyer, and if there is more than one buyer, whether the buyers want to hold the property in joint tenancy with full rights of ...

What is a title opinion in oil and gas?

An oil company should have a law firm prepare a drilling title opinion before drilling a well. This opinion gives all the parties involved an idea of who has an interest in the oil, gas, or other minerals in the lands where they will drill the well.

Who can do a title search in NC?

North Carolina has both title companies and real estate attorneys who process title search requests. Depending on the area, the request may only be handled by one or the other. Title searches reveal important information such as current liens recorded against the property and property tax information.

How much does a title search cost in NC?

Property Title Search Cost A title search for a typical single-family home can cost between $100-$250, while larger houses or different types of buildings can cost much more. This cost is usually paid to a title search company, either through a real estate agent or to the organization directly.

Who can prepare a deed in Iowa?

Upon written request of a buyer or seller, a nonlawyer may select, prepare, and complete form documents for use incident to a residential real estate transaction of four units or less.

How do I transfer real estate in Iowa?

You must properly execute an Iowa deed to successfully transfer your property rights. A deed must be dated, and the property owner must sign it in the presence of a notary public. Signatures must be in an ink color that can be easily read and photocopied, such as black or dark blue.

Who chooses title in Iowa?

The seller should select the title company unless they work with a buyer who has already selected one. Sellers have control over what is done in the sale and should diligently protect their interests.

What is a stipulation of interest?

A stipulation of interest is a contract that consists of mutual conveyances, and therefore, it must conform to the requirements of both a contract and conveyance. This requires the affiant to state all facts necessary to establish inheritance of a decedent's real estate as well as proportional interest.

How do you calculate mineral interest?

February 12, 2019The Formula. Decimal Interest = (Net Mineral Acres ÷ Drilling Unit Acres) x Royalty Rate. ... Finding Your Net Mineral Acres. Your net mineral acreage is found in the Mineral Deeds or other property deed information. ... Finding the Drilling Unit Acres. ... Finding Your Royalty Rate. ... Where to Find More Information.

What is an opinion of title?

What Is An Attorney’s Opinion Of Title? In some states around the country, attorneys examine the recorded documents relating to title and issue what is referred to as a “Statement of Opinion”. This statement outlines the details of the attorney’s search, which records were examined, and what encumbrances exist against the title. ...

What is title insurance?

Title insurance is your protection against loss if any problems, such as fraud and forgery, defective deeds, mental incompetence, confusion caused by similar or identical names, clerical errors, or “hidden defects” result in a claim against your title and ownership.

When to purchase title insurance?

It is particularly important for you to purchase title insurance if you are buying a property from a foreclosure or from an estate sale. In these cases there is no “seller” to whom questions can be asked regarding past transactions.

Does title insurance cover closing?

If you have an attorney handling your closing, request that the attorney obtain the title insurance coverage for you. The coverage under your policy of title insurance will last as long as you or your heirs hold title to the property.

Can an attorney be liable for title loss?

An attorney is normally not liable if you should suffer loss due to “hidden hazards” in the title. You should always request a policy of title insurance if it is available in your area. Currently most all states offer title insurance, except the state of Iowa, which offers a “title guarantee” policy which provides almost identical coverage to ...

Does attorney's opinion of title insure against undisclosed defects?

The attorney’s opinion of title does not insure against undisclosed defects nor does it insure marketable title. You still need title insurance to cover these defects. Whereas under a policy of title insurance you are insured for losses due to defects in the title, subject to any exceptions stated in the policy, ...

What is a professional opinion on a title?

A professional opinion about the title will always come from a lawyer 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.

Why are title opinions important?

These opinions are important if you are planning to exploit the resources underneath your land or purchase land with resources .

What is a lease purchase title opinion?

A lease purchase title opinion is given before any payment associated with a drilling lease. This opinion is created to ensure the lessee will fulfill the obligations of the lease and that the chain of title will remain unbroken in the future. Multiple lease opinions may be collected and confirmed depending on the length of the lease and how many parcels or successive property owners are involved.

What is a division of order opinion?

A division of order opinion is needed after a drilling company drills a well and finds producible oil or gas. This opinion will help determine which parties will be profitable from the production of the well. This information is usually determined by the drilling opinion made before drilling.

What to review before getting an oil title?

Here are some types to review before having an oil or gas title transferred. 1. Drilling Opinions. An oil company should have a law firm prepare a drilling title opinion before drilling a well.

What is a lending opinion?

A lending opinion is made for the bank or institution who is lending money to the oil properties. The reason for this opinion is to determine the nature of the oil and gas interest the lender is acquiring.

Why do you need an acquisition opinion?

An acquisition opinion is needed for any companies who are planning to purchase an oil or gas property. This opinion is detailed and helps the purchaser to understand what they are purchasing. It can confirm the seller’s ownership interest in the property.

What is title opinion?

A title opinion is a review of the property’s abstract of title to determine if the seller holds marketable or good title to the property. To perform the title opinion, the attorney will need the property’s abstract of title after it has been brought up to date. The abstract generally consists of deeds, mortgages, ...

Why is title opinion important?

The title opinion is important for the buyer because it will indicate if the seller actually holds marketable title to the real estate that is being transferred in the real estate transaction.

Does transmission of information constitute attorney-client relationship?

Transmission of this information is not intended to create, and receipt does not constitute, an attorney-client relationship. The information provided is intended for general information which may or may not reflect the most current developments in the law.

What is an opinion of title?

An “opinion of title” from an attorney is a document one receives after a real estate attorney completes a property title search through public records. The document states that the person has the legal right to purchase the house from everything they examined. If there are any errors within the opinion of title, ...

Who got the house instead of Edwin?

As the generations pass and property gets transferred from one relative to another, there’s always the risk that someone inherited the property that should have gone to someone else. That means that great-aunt Hortense got the house instead of great-uncle Edwin, for example – and that could mean big problems for you down the line.

Is it cheaper to get an opinion of title?

However, if you do have a choice, it is important to know the pros and cons. Getting an opinion of title for your home might be cheaper than securing owners title insurance – but it does come with significant risk. An “opinion of title” search only looks through the public record; owners title insurance looks through every aspect of the home ownership history to root out errors.

Does a title search cost a closing cost?

Normally, the property title search cost goes to the person purchasing the property as part of the closing cost package; more often than not, it’s a requirement of the mortgage company. Generally, things will go smoothly for the property title search process – but on occasion, “title defects” can pop up that can throw a wrench into the process.

Do you need owners title insurance?

The bottom line is you might not have too much of a choice when it comes to the idea of owners title insurance for opinion of title. Your mortgage source might very well require you to purchase owners title insurance in order to secure the purchase.

What is title opinion?

Title Opinion. A title opinion is generally completed by an attorney and discloses only defects which are found from a review of public records. The opinion is a statement of that attorney’s professional judgment. If the attorney is wrong about the owner’s rights to the property, the owner’s remedy is a claim for malpractice against ...

What is owner's title insurance?

Owner’s Title Insurance. Similar to a title opinion, owner’s title insurance policies also research and review available public records, but title insurance goes on to insure against other hidden risks which are not discoverable during searches of public records such as fraud, forgery or mis-indexed items just to name a few.

Can you lose a title if you have an undiscovered title defect?

It is always an unfortunate possibility for an owner to lose a title based on an undiscovered title defect. With owner’s title insurance you at least have some piece of mind about your financial investment.

Is title insurance more expensive than title opinion?

Given this additional level of protection, owner’s title insurance is generally more expensive than a title opinion.

What is the difference between a closing attorney and a title company?

A significant difference between working with a closing attorney as opposed to a title company is the breadth of involvement. A closing attorney's responsibility is multi-faceted. They can help with loan documentation ...

What does a closing attorney do?

The task of the closing attorney is overseeing the purchase and sale agreement in a real estate transaction. The attorney will review all documents associated with the purchase. These instruments range from deeds to settlement statements. Closing attorneys also take on the task of examining the title and overseeing the purchasing of the title insurance. A significant difference between working with a closing attorney as opposed to a title company is the breadth of involvement. A closing attorney's responsibility is multi-faceted. They can help with loan documentation and disbursement, as well as, explain deeds and notes associated with the purchase. They represent the buyer as opposed to the insurer, assisting with any legal problems or questions that might crop up during the settlement process.

What is the job of a title company?

A title company's primary responsibility is confirming the legitimacy of a property’s title and then issuing title insurance. Title companies play a pivotal role in settling all outstanding balances with respect to the home purchase, including issues that might hamper the transferring of the title. Title companies work on behalf of many title insurers rather than the buyer or seller of the house. Their responsibilities sometimes also include obtaining a copy of a possible survey of the property. The review of the survey would confirm property lines and identify any encroachments or easements from neighbors. Failing to complete this due diligence could result in issues for the homeowner. In some instances, your title company can maintain escrow accounts to ensure the funds are used for the closing and settlement of the purchase.

What is title insurance?

The Title and Title Insurance for Purchasing Your Home. A notable overlap of responsibilities for both the title company and the closing attorney is to secure a clean title to your property. The title is crucial for all buyers as it gives you a legal right to the house that you've purchased.

What is the title search for a house?

This step is essential to determine that the seller is the current owner and is legally allowed to sell you the house. The title search confirm s outstanding mortgages, judgments, unpaid taxes or other issues that would profoundly impact ownership.

Do you need title insurance when buying a house?

Title insurance is optional if, and only if, you purchase the property with cash. Most lenders will have title insurance as a requirement for the loan. If someone were to materialize and declare themselves as the rightful owner of the property, the title insurance will protect your investment by covering the costs of the house and ...

What is a title opinion?

The title opinion is a statement of the attorney’s professional judgment expressed, following a thorough title search, regarding the owner’s rights to the property. If the attorney is wrong about the owner’s rights to ...

What is owner title insurance?

Owner’s Title Insurance: generally provides greater title protection against certain title defects than a title opinion. This insurance provides payment and damages with the insured’s loss of possession of the property that results from a defect in title. Title insurance policies reveal defects available from research of public record, ...

How often does title insurance premium pay?

The premium is paid only once, but coverage extends for as long as the insured has an insurable possessory interest in the property or is liable to a subsequent owner for failure to convey marketable title. Owners of real estate, then, should consider the pros and cons of a title opinion vs. owner’s title insurance.

Is title insurance more expensive than an abstract update?

Given this additional level of protection, owner’s title insurance is generally more expensive than an abstract update and attorney’s title opinion.

Is title insurance a guarantee?

Neither an owner’s title insurance policy nor an attorney’s title opinion is an absolute guarantee as to the status of title; there is always a possibility the owner will lose title based on a title defect. Title Opinion: generally completed by an attorney and discloses only defects which are apparent from the public record.