Alabama Notice of Title Defect by Buyer to Seller Pursuant to Provisions of A Purchase and Sale Agreement
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How to fill out Notice Of Title Defect By Buyer To Seller Pursuant To Provisions Of A Purchase And Sale Agreement?
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FAQ
A quitclaim deed is often used to cure a defect (a "cloud on the title") in the recorded history of a real estate title.
As the Alabama code stated, the seller is required to disclose known defects to the buyer if a fiduciary relationship exists between the parties. Cato v. Lowder Realty Co., 630 So.
A warranty deed holds the seller, or grantor, responsible for any breach after the title search, even if the breach occurred without their knowledge or during a period before the grantor owned the property. It ensures that the buyer will not be responsible for any past title defects or encumbrances.
A sales agreement is a contract between a buyer and a seller that details the terms of an exchange. It is also known as a sales agreement contract, sale of goods agreement, sales agreement form, purchase agreement, or sales contract. One very common type of sales agreement is the type used when purchasing a home.
A title defect is a problem or omission associated with the title that impairs your ownership rights to the property.
Key Takeaways. A defective title is a title that is impaired with a lien, mortgage, judgment, or another claim. Defective titles are considered unmarketable, so the asset in question cannot be transferred or sold legally. Any encumbrances on a defective title must be cleared before the owner can sell the asset.
A quitclaim deed is often used to cure a defect (a "cloud on the title") in the recorded history of a real estate title.
