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Marketable title (real estate) is a title that a court of equity considers to be so free from defect that it will legally force its acceptance by a buyer. Marketable title does not assume that absolute absence of defect, but rather a title that a prudent, educated buyer in the reasonable course of business would accept.
According to the ACL, property sellers and agents must disclose any defects in a property, which a buyer is planning to buy. Lying by omission would lead to breach of contract . This law does not mean that the property dealer guarantees the good title of the property but that he/she has not done anything, or is not aware of anything, which ...
The modern trend in the U.S. is that the implied warranty of fitness for a particular purpose applies in the real-estate context to only the sale of new residential housing by a builder-seller and that the caveat emptor rule applies to all other real-estate sale situations (e.g. homeowner to buyer). [3]
If you're in the market for purchasing a home, you've likely done plenty of research on everything from mortgage options to negotiation tips on trying to close a property. There's plenty of time...
In construction contracting, a latent defect is defined as a defect which exists at the time of acceptance but cannot be discovered by a reasonable inspection. [2]In the 1864 US case of Dermott v Jones, the latent defect lay in the soil on which a property had been built, giving rise to problems which subsequently made the house "uninhabitable and dangerous".
Sometimes weeks' worth of scrolling through real estate listings only result in the strangest properties that raise Thanks to the Internet, people can find a place to live without stepping a foot ...
A regulated developer is to provide each purchaser with a disclosure document called a Property Report. The Property Report contains relevant information about the subdivision and must be delivered to each purchaser before the signing of the contract or agreement and gives the purchaser at a minimum a 7-day period to cancel the purchase agreement.
Often, the discovery of a cloud on title will provide the grantee a reason to back out of a contract for the sale of real property. [ citation needed ] Some documents that affect title may be considered clouds, but nonetheless are unlikely to affect marketability or resale, such as with covenants, conditions and restrictions in a homeowners ...