A bad title is a purported title that is legally insufficient to convey property to the purchaser. While a title that is not marketable isn't necessarily a bad title, a bad title is inherently unmarketable and purchasers are generally not compelled to accept it.
A clear title signifies that a property is free from any encumbrance, obstruction, burden, or limitation that questions its legal validity or ownership.
Examination of Title is a crucial step in the process of buying and selling real estate. It involves investigating the ownership history and any encumbrances related to a specific property to ensure clear and marketable title.
In property law, a title is considered 'free and clear' if it is not encumbered by any liens or restrictions. This indicates that the property is unencumbered and conveys a good or marketable title.
A *Good Title* refers to a legal concept where a title is free from present litigation, obvious defects, and grave doubts concerning its validity or merchantability. This implies that such a title is marketable to a reasonable purchaser or can be used as security for a loan to a person of reasonable prudence.
An insurable title is a type of title to real estate that a title insurance company deems acceptable for insurance, ensuring the buyer is protected against potential defects or issues with the property title.
Marketable title refers to a good or clear title reasonably free from the risk of litigation over possible defects, that a well-informed purchaser, in the use of ordinary business prudence, would be willing to accept.
A marketable title, also known as a merchantable title, is a property title that is free from significant defects, claims, or liens and is acceptable for purchase.
A Nonmerchantable Title, also known as a dysfunctional or defective title, refers to a property title with significant defects or encumbrances that prevent its clear transfer from one owner to another. These defects can significantly lower the property's market value and complicate transactions.
In legal terms, 'title' refers to the composite of facts that will permit an individual or entity to recover or retain possession of a thing, primarily related to property law.
A title defect is an unresolved claim or issue against the ownership of property that prevents the presentation of a marketable title. Such claims may arise from various issues including failure of the owner's spouse or former part owner to sign a deed, current liens against the property, or interruptions in the title records of a property.
