Opinion Of Title

If you buy a house, one of the many little things you have to do (and pay for) at the closing costs stage is getting the title to it. The title, and title insurance, give you legal documentation that says, “Yes, this house really does belong to this bozo, and no other bozo.” Otherwise, a previous owner might come to town and try to stake their claim, and you could find yourself in a legal pickle.

It may sound like something out of the wild, wild west, or the gold rush, but titles are the reason we don't really have to deal with those kinds of pickles anymore. Plus, if you ever get a lien on your house or something, you’ll need to prove you own it first.

Along with your title, you may get an opinion of title, an accompanying legal document that opines that the title is a-okay, and the property is yours, written by an attorney.

The opinion of title will be a part of your title report. Having this proof of ownership on hand isn’t only good for you, but for your lender, assuming you’re not buying the property outright. Since they’re lending you the money, many lenders require a title report with an opinion of title in it.