{"id":4176,"date":"2019-03-28T14:21:43","date_gmt":"2019-03-28T18:21:43","guid":{"rendered":"https:\/\/nationalland.com\/blog\/?p=4176"},"modified":"2023-06-19T11:52:49","modified_gmt":"2023-06-19T15:52:49","slug":"owners-title-insurance-vs-title-opinion","status":"publish","type":"post","link":"https:\/\/nationalland.com\/blog\/owners-title-insurance-vs-title-opinion\/","title":{"rendered":"Differences Between Owner\u2019s Title Insurance and Title Opinion"},"content":{"rendered":"<p><em>In working with a new landowner, they were asked if they wanted <\/em>owner\u2019s<em> title insurance or a title opinion on the property they were purchasing. They asked me what both of these entailed \u2013 hence this article on the pros\/cons of each.<\/em><\/p>\n<p>Neither an owner\u2019s title insurance policy nor an attorney\u2019s title opinion is an absolute guarantee as to the status of title; there is always a possibility the owner will lose the title based on a defect.<\/p>\n<h2>What is an Attorney&#8217;s Title Opinion?<\/h2>\n<p>A title opinion is generally completed by an attorney and discloses only defects that are apparent from the public record. The title opinion is a statement of the attorney\u2019s professional judgment expressed, following a thorough title search, regarding the owner\u2019s rights to the property. If the attorney is wrong about the owner\u2019s rights to the property, the owner\u2019s remedy is a claim for negligence against the attorney. A title opinion is completed after research of public records \u2013 often after the update of an abstract and is generally less expensive than title insurance.<\/p>\n<h2>What is Owner&#8217;s Title Insurance?<\/h2>\n<p>Owner\u2019s title insurance generally provides greater title protection against certain title defects than a title opinion. This insurance provides payment and damages with the insured\u2019s loss of possession of the property that results from a defect in title. Title insurance policies reveal defects available from research of public record, but also insure against other risks which are not discoverable after a thorough search of public record.\u00a0 Given this additional level of protection, owner\u2019s title insurance is generally more expensive than an abstract update and attorney\u2019s title opinion.<\/p>\n<p>Protection can include some of the following defects:<\/p>\n<ul>\n<li>Forgery<\/li>\n<li>Fraud in the execution of documents<\/li>\n<li>False impersonation by someone purporting to be the owner of the property<\/li>\n<li>Errors in <a href=\"https:\/\/nationalland.com\/blog\/whats-a-land-survey\/\">surveys<\/a><\/li>\n<li>Undisclosed or missing heirs<\/li>\n<li>Wills not properly probated<\/li>\n<li>Transfer of title by a minor<\/li>\n<li>Incorrect legal descriptions<\/li>\n<li>Non-delivery of deeds<\/li>\n<li>Clerical errors in recording legal documents<\/li>\n<li>Property rights resulting from a marriage or divorce not disclosed by public record<\/li>\n<li>Abstracting errors<\/li>\n<li>Delivery of deeds after the death of the grantor\u2026 and other defects<\/li>\n<\/ul>\n<p>Insurance is retrospective in nature as it protects against defects that occurred in the past, but are discovered in the future. The premium is paid only once, but coverage extends for as long as the insured has an insurable possessory interest in the property or is liable to a subsequent owner for failure to convey marketable title.<\/p>\n<p>Owners of real estate, then, should consider the pros and cons of a title opinion vs. owner\u2019s title insurance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In working with a new landowner, they were asked if they wanted owner\u2019s title insurance or a title opinion on the property they were purchasing. They asked me what both of these entailed \u2013 hence this article on the pros\/cons of each. Neither an owner\u2019s title insurance policy nor an attorney\u2019s title opinion is an &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/nationalland.com\/blog\/owners-title-insurance-vs-title-opinion\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Differences Between Owner\u2019s Title Insurance and Title Opinion&#8221;<\/span><\/a><\/p>\n","protected":false},"author":57,"featured_media":5610,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[13],"tags":[149,915,795,916],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Differences Between Owner\u2019s Title Insurance and Title Opinion - National Land Realty News<\/title>\n<meta name=\"description\" content=\"What&#039;s the difference between owner&#039;s title insurance and a title opinion? This blog gives you the answers and the pros and cons to each.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalland.com\/blog\/owners-title-insurance-vs-title-opinion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Differences Between Owner\u2019s Title Insurance and Title Opinion - National Land Realty News\" \/>\n<meta property=\"og:description\" content=\"What&#039;s the difference between owner&#039;s title insurance and a title opinion? 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