Save on Title Insurance with an Attorney Opinion Letter
Same protection, lower cost
An Attorney Opinion Letter (AOL) is an alternative to traditional title that provides the same protections to borrowers and lenders for the life of the loan at a much lower cost.
As part of our goal to make getting a mortgage more seamless, Better has begun offering borrowers who qualify the opportunity to use an AOL in place of the traditional title process.
Reduce costs for our clients
FAQs
What is an Attorney Opinion Letter (AOL)?
An alternative to traditional title (American Land Title Association (ALTA)) that provides the same protections to borrowers and lenders for the life of the loan.
How does it work?
A thorough data-driven property review is conducted as it would be by any traditional title company. An attorney then reviews the resulting title report and certifies that the property title is unencumbered, meaning no one other than the seller in the transaction has ownership rights to the property and there are no outstanding liens against the property. This attorney certification is then insured for the life of the incoming borrower’s loan. Unlike with a traditional transaction where a borrower is required to pay for lender’s title insurance but the borrower’s title insurance is optional (and incurred at an added cost), the AOL rolls both policies into one!
What are the benefits of an AOL?
Up to 40% borrower savings in closing costs without sacrificing on quality or coverage. This typically equates to thousands in savings.
How does escrow work with an AOL?
The same way it does with a traditional title company. Our AOL service provider manages escrow and settlement for the transaction.
How is EMD handled in states where EMD is typically held in escrow?
EMD will be wired or sent via overnight delivery to our AOL service provider. A welcome packet with these instructions will be provided once we receive the purchase contract.
How does this work in states where the seller picks and pays for title services?
We suggest you speak with the seller and their listing agent about the cost saving benefits of an Attorney Opinion Letter versus traditional title. An AOL could actually make your offer more competitive as it’s potentially thousands in savings to the seller!
Where will closing happen and how is it scheduled?
Closing will be conducted by a mobile notary or attorney (depending on state requirements) at a location of the borrower’s choosing. Once the loan is Clear to Close, our AOL service provider will reach out to all parties involved to coordinate a date, time, and location for signing.
Where are AOLs available?
All 50 states! If a borrower is eligible for an AOL, we will email both them and their agent to let them know.
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What is an Attorney Opinion Letter (AOL)?
How does it work?
What are the benefits of an AOL?
How does escrow work with an AOL?
How is EMD handled in states where EMD is typically held in escrow?
How does this work in states where the seller picks and pays for title services?
Where will closing happen and how is it scheduled?
Where are AOLs available?
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