Escrow & Title
What is an 'attorney opinion letter' on title, and when might it still be used in Oregon?
AA letter from OREA approving a transaction
BA written opinion from an attorney who has reviewed the abstract of title regarding the state of ownership — occasionally used in rural Oregon counties with limited title company access✓ Correct
CA lender's legal opinion on loan terms
DA letter from the buyer's attorney approving the purchase price
Explanation
Attorney opinion letters on title — where an attorney reviews the abstract and renders an opinion on the state of title — were the primary title verification method before title insurance became standard. In most Oregon markets, title insurance has replaced attorney opinions, but in some rural Oregon counties or specific transaction types, attorney title opinions may still be used, particularly where title companies have limited presence.
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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.
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.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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