Q: Buying a brand new house in Florida is an attorney opinion letter ok to use instead of title insurance?
We are buying a brand new home in Florida. Our lenders attorney said they can provide us with an “attorney opinion letter” in lieu of title insurance. Is this a safe way to go?
A: You should discuss this with an experienced Florida real estate attorney, but your question remains open for two weeks. You could repost under the "Real Estate" heading or you could reach out to attorneys to discuss (if you do not already have an attorney representing you in the transaction). Good luck
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A:
When buying a brand new home in Florida, using an attorney opinion letter instead of title insurance is a significant decision. An attorney opinion letter states the attorney's assessment of the title's validity based on a review of public records. While it provides some assurance, it does not offer the same protection as title insurance.
Title insurance protects you from potential title issues such as undisclosed heirs, forgery, or clerical errors that may not be apparent from public records. It also covers legal fees if any disputes arise regarding your ownership. Without title insurance, you could be at risk of significant financial loss if any problems with the title emerge after the purchase.
Consider the potential risks and benefits carefully. Discuss these concerns with your lender and possibly seek additional opinions. Ensuring you have adequate protection for your investment is crucial for your peace of mind and financial security.
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