A company has been requested to issue an Owner's Title Policy, showing to insureds, one to be the owner of the land and the second to be the lessee of the land with an option to purchase with the further assurance that when the lessee-optionee obtained title upon the exercise of the option, the lessee will have fee-simple title. We have been asked is this should be done.
We are of the opinion that this should not be done. That a company should not attempt to insure as of some future date an estate in land not presently owned by to be acquired in the future.
/s/ Ira M. Goodrich
IRA M. GOODRICH
Director of Title Insurance