Escrow & Title
A title attorney's opinion in Arkansas is based on:
APhysical inspection of the property
BReview of the abstract of title and public records✓ Correct
CThe property's market value
DThe lender's appraisal report
Explanation
In Arkansas, an attorney examines the abstract of title (or searches public records directly) and provides a written opinion on the state of the title, identifying any defects, exceptions, or concerns.
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Related Arkansas Questions
- In Arkansas, recording a deed provides:Escrow & Title
- An abstract of title is best described as:Escrow & Title
- In a race-notice jurisdiction like Arkansas, a subsequent purchaser who records first AND has no notice of a prior unrecorded deed wins. This means:Escrow & Title
- In a 'race-notice' recording state (which Arkansas follows), to be protected, a subsequent purchaser must:Escrow & Title
Key Terms to Know
Abstract of Title
A condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
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