Real Estate Ownership Evidence Explained
What is considered acceptable evidence of ownership in real estate transactions?
1) Attorney's opinion
2) Title insurance policy
3) Abstract
4) Deed signed by the last seller
Answer:
An attorney's opinion is not considered acceptable evidence of ownership in real estate transactions, unlike a title insurance policy, abstract, or deed which are official documents that provide proof of ownership.
Among the listed options, an attorney's opinion would NOT be considered acceptable evidence of ownership in real estate transactions. Evidence of ownership typically comes in the form of legal documents that provide a traceable chain of title or guarantee the title's validity. These documents include:
- A title insurance policy: which provides insurance against losses due to title defects.
- An abstract of title: which is a summary document showing the history of all transactions related to the property.
- A deed signed by the last seller: which is an official document transferring property ownership.
An attorney's opinion, while it might be informed, does not constitute legal evidence of property ownership, as it is not an official document issued by the government or a title company.