The terms “marketable title” and “insurable title” are very common real estate terms which come up in every contract for the sale of real property. They are terms that are frequently used but not fully understood. It is important for real estate professionals, including lawyers, title insurance agents, mortgage brokers, lenders and real estate brokers, to understand the meaning of these terms and recognize their importance.
Common Contract Clauses
Contracts for the sale of real property usually contain provisions that require sellers to deliver marketable title and/or compel buyers to accept title that may or may not be “marketable” or “insurable.” Below are a few examples of clauses that both seller’s and purchaser’s attorneys include in contracts. Some of the clauses may already be included in standard form contracts used in real estate transactions:
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