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Merchantable title and marketable title are synonymous terms. In the absence of an agreement to the contrary, there is an implied undertaking in the contract that the vendor (person selling the property) has a marketable title. The contract typically provides that on failure of a vendor to deliver good and marketable title, the vendee (buyer ...
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.
Here’s what it means to have clear title. ‘Clear title’ meaning. A clear title, also known as a “clean title,” is a property title that is free from liens or additional issues that could ...
In the United States, the buyer of a property will usually purchase title insurance, which protects the buyer from any title problems that may arise after sale, such as liens that were missed during the title search. The title insurance company issues a report and an insurance policy in support of its findings. However, title searches are most ...
As Cronin Insurance noted, it also discounts your home insurance premium. A 4-Point Inspection. A 4-point inspection checks the home’s roofing, plumbing, AC/heating, and electrical systems.
Indeed, more than one in four American homeowners with insurance worry that their homes will become uninsurable in 2024, according to results from a ValuePenguin survey of 2,035 U.S. consumers ...
Insurability can mean either whether a particular type of loss (risk) can be insured in theory, [1] or whether a particular client is insurable for by a particular company because of particular circumstance and the quality assigned by an insurance provider pertaining to the risk that a given client would have.
More than six million homeowners are uninsured, and $1.6 trillion worth of uninsured homes are at risk.