Recently, I have seen more information regarding Attorney Opinion Letters (AOLs) possibly replacing title insurance. In my professional opinion, this is extremely reckless and concerning. Approximately one-third of all claims paid by title insurance companies cover issues that are not discoverable by a public records search. Here is just a short list highlighting the key differences between title insurance and Attorney Opinion Letters:If I can answer any specific questions for you, please let me know!
Having experience as a real estate attorney, title agent and former claims counsel as well as managing general agent, my humble opinion is that title insurance is the best value of most any type of insurance on the market. Reasonable premium and unlimited term = peace of mind.
Edward Cook
5mo
You buried the lede at number 5. AOLs actually cost more money! So less coverage for more money. Sounds like something the government would get behind.
Jeremy Dean
5mo
Great info here! So what do you make of companies like iTitleTransfer who claim to have a fully insured search & exam as well as an AOL that GSEs will buy without a title policy?? I can't see something like that working, but they sure claim it does.
Kimberly Falahat
5mo
I am right with you, it is scary!
Mark Till
5mo
Great information Brad.
Allie Flath
5mo
Seriously, great call outs, Brad!
Title Division Lead
5moAs a title examiner and department head I see the value of AOL as they do have a place in certain situations, however they are no substitute for Title Policies.