Escrow & Title
What is 'title opinion' from an attorney in a Delaware closing?
AThe attorney's recommendation on whether to purchase the property
BA written legal opinion from a Delaware attorney based on a title examination, opining on the status and marketability of title✓ Correct
CThe attorney's opinion on the appropriate sale price
DA title company's summary of coverage provided
Explanation
A title opinion is a written legal opinion by a Delaware attorney who has examined the abstract or public records and opines on whether the seller has marketable title, free of defects. Delaware's attorney closing requirement makes this an integral part of many transactions.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
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