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Response to Notice of Title Defect by Seller to Buyer in Response to...

Broward Florida Response to Notice of Title Defect by Seller to Buyer in Response to Notice

Name: Broward Florida Response to Notice of Title Defect by Seller to Buyer in Response to Notice
Brand: US Legal Forms
Rating: 4.86 (296 reviews)

Category:

Oil Gas and Minerals - Notices

State:

Multi-State

County:

Broward

Control #:

US-OG-607

Format:

Instant download

Description

This is a form of a Response to a Notice of Title Defect (by Seller to Buyer in Response to Notice).

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FAQ

The defect or impairment on the title can be in the form of a lien, mortgage, judgment, or other type of encumbrance. Because other parties can lay claim to the property or asset, the title cannot be legally transferred to someone else. Defective titles are also called bad titles.

If a seller fails to disclose, or actively conceals, problems that affect the value of the property; they are violating the law, and may be subject to a lawsuit for recovery of damages based on claims of fraud and deceit, misrepresentation and/or breach of contract.

Under Florida law, a buyer can sue for damages, and even rescind a transaction, where a seller or real estate agent doesn't reveal a material problem with the home prior to purchase.

Statutes of limitations are typically two to 10 years after closing. Lawsuits may be filed in small claims court relatively quickly and inexpensively, and without an attorney.

A buyer must inspect the goods and notify the seller of any defects within the contractually agreed inspection period.

If a seller is aware of such a defect and doesn't disclose it, they can be exposed to a lawsuit by the buyer especially if the defect makes a property dangerous or unfit for occupancy.

When a seller fails to disclose a material fact, they may be subject to liability for nondisclosure since the conduct amounts to a representation of the nonexistence of the facts they have failed to disclose.

If the buyer discovers the defect after closing, the buyer can file a lawsuit. Purchase agreements typically have a clause that provides for the resolution of contract via mediation or arbitration. To be successful, however, the defect discovered by the buyer must be a material defect.

Under California law, the seller has an affirmative duty to report any defects and the buyer does not have to ask about the conditions on the property to learn of such defects. Whether a defect is considered material depends on the characteristics of the property and the statements made by the buyer to the seller.

Under the UCC, the primary obligation of a buyer of goods is to pay for the goods. The general rule is that the buyer must accept and pay for the goods when the seller has deliveredor, to use more technical language, tendered delivery ofthe goods.

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The closing attorney or title agent will find open building. (b) Title Examination: Buyer will, within 15 days from receipt of the evidence of title deliver written notice to Seller of title defects.4 In the event that the Purchaser fails to provide a Title Objections. But no later than Closing Date, deliver written notice to Seller of title defects. Title will be deemed acceptable. The answer lies in the contract.

Broward Florida Response to Notice of Title Defect by Seller to Buyer in Response to Notice

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What is a defect on a title called?

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