Nebraska 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.
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.
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 ...
A purchase and sale agreement, also called a sales and purchase agreement or a purchase and sales contract, is a legally binding document that parties in a transaction use to stipulate the terms and conditions that will guide the sale and transfer of goods or property.
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.
A seller who fails to convey marketable title under a contract that, expressly or impliedly, calls for marketable title, has breached the contract. In such a case, the buyer can refuse to pay the purchase price for that land and sue the seller for whatever other damages the buyer suffered as a result of the breach.
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.
The (TDS) describes the condition of a property and, in the case of a sale, must be given to a prospective buyer as soon as practicable and before transfer of title.
