Form-Rd Il 1927-9 - Preliminary Title Opinion - 1998 Page 2
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1
2REQUIREMENTS
A.
Alterations and omissions. If any required information is omitted, the Rural Development Employee is
not authorized to accept the Opinion but must return it to the attorney for completion.
If the attorney
is unable or unwilling to complete it, it may be sent by the Rural Development Employee with a full
explanation, to the Office of the General Counsel, which may approve or disapprove it.
B.
Property description.
The attorney must attach a sheet containing a full legal description of the
land followed by a recital of all encumbrances, reservations, exceptions, and defects.
If a water right
is to be included in the security for the loan, the attorney must also attach a full legal description of
the water right followed by a similar recital.
Land or water right may be described by reference to a
legally adequate description contained in a recorded instrument, the original or a certified copy of
which is in the permanent possession of the United States Department of Agriculture.
If the description
of the property, whether given in full or by reference, is not legally adequate, the deficiency must be
listed as a title defect and the necessary curative action included under paragraph IV.
C.
The term "encumbrances, reservations, exceptions, and defects" means all matters which would prevent
the United States from obtaining the required lien on the property identified in paragraph I, including
but not limited to (a) mortgages, deeds of trust, and vendors', mechanics', materialmen's and all other
liens, including any provisions thereof for future advances which could take priority over the said lien
to the United States, (b) Federal, State, and local taxes, including county, school, improvement, water,
drainage,
sewer,
inheritance,
personal
property,
and
income,
(c)
State
and
Federal
bankruptcy,
insolvency, receivership, and probate proceedings, (d) judgments and pending suits, in State and Federal
courts,
(e)
leases,
easements,
and
mineral
reservations,
and
(f)
legally
inadequate
property
descriptions.
D.
Period of Title Search.
The title search must cover such period as the examining attorney determines
necessary to issue his opinion that the title is good and marketable in fact according to title
examination standards prevailing in the area.
Said title search period will be a minimum of 40 years for
Illinois, Michigan, Ohio and Wisconsin and 50 years for Indiana.
E.
Property of different owners.
Separate opinions must be furnished for property of different owners.
F.
Vesting and Holding Title.
See Rural Development Instruction 1927-B.
G.
See Rural Development Instruction 1927-B for additional requirements.
REG
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