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Which of the following BEST describes the seller's obligations relating to the title and examination section of the Minnesota Association of REALTORS® Purchase Agreement? The seller must provide any abstract of title and a copy of any owner's title insurance policy in the seller's possession.
A defective title is ownership of property or assets that cannot be legally transferred due to claims by someone else. While the seller has an obligation to present marketable title to real property, the buyer is also responsible for examining any title defects and giving notice of any defect to the seller.
Improper descriptions of the property in the deed can be remedied by asking a court to reform, or modify, the terms of the deed. Mortgages can be ?cleared? by the owner obtaining a document known as a ?release of mortgage.? That document is then recorded with the land records office.
There are five essential elements in a contract which include the following: offer, which is a promise and a demand of some sort; acceptance, which is the agreement to the terms of the offer presented; consideration, which is what is actually presented in exchange for the something in the contract; capacity, which ...
A quitclaim deed is often used to cure a defect (a "cloud on the title") in the recorded history of a real estate title.
The Statute of Frauds, an ancient legislative intrusion into common-law contracts, requires that certain contracts be evidenced by some writing, signed by the party to be bound, to be enforceable.
Although an unmarketable title does not mean that the property cannot be transferred, it does mean that there are certain defects in the title which may limit or restrict its ownership, to such an extent that a purchaser cannot be forced to accept a title that is materially different from the one bargained for in the ...
Title Resolution When title defects are discovered, the title agent initiates a remediation process to resolve the defect and render the title clear and free.