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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 ...
A clear title, also known as a “clean title,” is a property title that is free from liens or additional issues that could jeopardize ownership, such as boundary disputes (encroachments) or ...
Title insurance is a form of indemnity insurance, predominantly found in the United States and Canada, that insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans.
In July 2017 Gracy Title, a Stewart Company was officially renamed to Stewart Title of Austin. The company issues title insurance policies and provides title services from 12 locations throughout Central Texas. Outside of the Austin market, prior to the Stewart merger with Gracy, Stewart's history dates back to 1893 originating in Galveston, Texas.
[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.
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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.
Supporters also pointed out that less than 5% of title insurance premiums are paid in claims, and that every claim arises from the title company's negligence. [32] The title industry asserted that transfer fee covenants "impair marketability" by "unduly complicating real estate closings" as a result of the fee being "inadequately disclosed". [33]