WHAT IS LEGAL / TITLE OPINION
A title opinion is the written opinion of an attorney, based on the attorney's title search into a property, describing the current ownership rights in the property, as well as the actions that must be taken to make the stated ownership rights marketable. In the oil and gas sector, various types of title opinions exist, each with a different scope and purpose. These include, but are not limited to, drilling title opinions, division order title opinions, mortgage opinions, acquisition opinions, and drilling and division order title opinions
Title opinion refers to a lawyer's or title company's professional judgment as to the state of title for a given piece of real property. This is issued following a title search by the attorney. The opinion usually describes whether the title is clear and marketable or whether it is encumbered. It determines the legal owner of the property; reveal any mortgages, liens judgments or unpaid taxes outstanding on the property and details any existing restrictions, easements or leases that affect the property. It will also set forth all the things that should be done and any problems that should be corrected before a purchaser can receive a good title.
IMPORTANCE OF TITLE / LEGAL OPINION
A professional opinion about the title will always come from a lawyer or title company. The opinion will describe if the title is clear and marketable or if it has any encumbrances. The opinion will also advise of the legal owner of the property and reveal any mortgages, lien judgments, or unpaid taxes on the property. The opinion of the title should include any existing restrictions on the property from easements or leases.
Depending on the needs of the future owner or business, opinions can be long, short, detailed, or brief. The requirements of the opinion can be given to the lawyer ahead of time, so they know specifically what the new owner is hoping to find to form the opinion. This tactic gives the new owner peace of mind as they move forward with their purchase.
Reason for ought for a TITLE / LEGAL OPINION
Obtaining property legal opinion or property title verification is an important and vital step during the process of purchasing an apartment or house or land or commercial or industrial property in India. The legal title of a property is one of the most significant factors determining the value of a property. Hence, a property with a faulty title of ownership could lead to legal hassles, no / low value or ownership over the property. On the other hand, a property with a clean title can be used by the Owner with peace of mind, transferred in the future easily or pledged to obtain funding from banks.
The process for determining the validity of title to a process is quite complicated in India, as Government records from various sources must be verified and compared to establish the title. Property title verification is thus done best by a qualified and experienced Lawyer, specializing in the area of property law. Having the legal opinion of such a Lawyer, over the title of a property, is the best way to establish the authenticity of ownership over real estate. MyLawyers.in can help you find a Lawyer specializing in property law to provide opinion on the validity of title to a property. Talk to an MyLawyers.in Business Expert to find a Lawyer near you.
- Property Purchase:Prior to purchasing a property, it is important for the buyer to obtain an independent legal opinion on the title to the property.
- Bank Loan:During a loan application process, a property legal opinion will be required for any property to be mortgaged to the bank or lender.
- Peace of Mind:Obtaining a property legal opinion from an experience Lawyer provides peace of mind on the title and ownership to the property..
