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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 ...
The HUD-1 Settlement Statement is a standardized mortgage lending form in use in the United States of America on which creditors or their closing agents itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions. The HUD-1 (or a similar variant called the HUD-1A) is used primarily for reverse mortgages and ...
An individual with very low insurability may be said to be uninsurable, and an insurance company will refuse to issue a policy to such an applicant. [3] For example, an individual with a terminal illness and a life expectancy of 6 months would be uninsurable for term life insurance. This is because the probability is so high for the individual ...
Clouded title can cause delays or denials in receiving certain forms of disaster recovery aid, especially longer-term rebuilding assistance. This can be a more serious problem for low-income families who over time might not have been able to afford lawyers and legal fees for probate , and who can face even worse financial problems in the wake ...
The practice is especially damaging to the industry, considering insurance companies apply higher rates universally to all customers, meaning innocent drivers end up paying the price of someone ...
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