Escrow & Title
A West Virginia attorney issues a 'title opinion' based on their review of the abstract of title. This opinion:
AIs the same as title insurance and provides identical protections
BRepresents the attorney's professional judgment about the state of title but does not insure against losses✓ Correct
CBinds the county clerk to the attorney's conclusions
DReplaces the need for a deed in the transaction
Explanation
A title opinion is the attorney's professional conclusion about the state of title based on their examination of the abstract. It is not title insurance — it does not indemnify against losses.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
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).
Math Concepts
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