The debates regarding attorney opinion letters (AOLs) in the title industry remain active and have not been adequately addressed despite the passage of time. Attorney opinion letters have been especially contentious for title insurer since the implementation of ALTA’s Best Practices in 2017.
The primary areas of contention have revolved around the scope of the opinions and the willingness of a title insurer to accept them from a law firm, as well as questions around the specific services for which a law firm should be consulted. These questions are further compounded by the scope of services rendered by firms varying across states and the need to ensure that all of the requirements of the opinion are met.
Bullet points:
• Attorney opinion letters (AOLs) remain an unresolved issue in the title industry more than a year after implementation of ALTA’s Best Practices in 2017.
• Debates surrounding the opinions center around the scope of the opinion, willingness of a title insurer to accept them and the services for which a law firm should be consulted.
• Requirements for opinions vary by state, creating a challenge for ensuring that all requirements for the opinion are met.
You can read this full article at: https://www.housingwire.com/articles/the-aol-debate-rages-on/(subscription required)
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