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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.
The objective of the title search is to establish clear, marketable title by exposing any outstanding claims prior to the transfer of title. The process of resolving any issues on the title is known as "clearing the title." [2] Each recorded document must name the parties involved, e.g., grantor and grantee.
The resulting merger of the legal and equitable gives rise to the "perfect title", often referred to as marketable title. Legal and equitable title also arises in trust. In a trust, one person may own the legal title, such as the trustees. Another person may own the equitable title such as the beneficiary. [2]
A title opinion is the written opinion of an attorney, based on the attorney's title search into a property, describing the current ownership rights in the property, as well as the actions that must be taken to make the stated ownership rights marketable. [1]
[1] Clouded title can thus be contrasted with a clear title, which indicates that a property is unencumbered. A cloud on title may reduce the value and marketability of property because any prospective buyer aware of the cloud will know that they are buying the risk the grantor may not be able to convey good title.
Non-marketable securities are those that investors cannot easily sell on an open exchange. This means investors can't easily convert them to cash. Although this is an obvious downside of...
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The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1] Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate.