Escrow & Title
In Arizona, the 'abstract and opinion' approach to title assurance differs from title insurance in that it:
AProvides stronger protection than title insurance
BRelies on an attorney's opinion based on an abstract of title records, rather than an insurance policy with a claims process✓ Correct
CIs required for commercial transactions only
DIs administered by the ADRE
Explanation
The abstract and opinion method uses an attorney's legal opinion based on searching public records (the abstract). Title insurance provides an insurance policy backed by reserves. Title insurance is now the dominant form of title assurance in Arizona.
Related Arizona Escrow & Title Questions
- An owner's title insurance policy in Arizona protects:
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- In Arizona, an escrow company acts as a(n):
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