Title Defect
Title deficiency that prevents a seller from successfully transferring property to a buyer. A title company may discover a title defect ( due to encumbrances against the property or failure of a former co-owner of the property to sign a deed transferring the title, etc.) in preparation for a closing, effectively blocking the sale of the property until the defect is resolved.
Popular Real Estate Terms
Real estate sales contract where possession and use is provided to the buyer, but the deed is kept by the seller until the full purchase price is met whereupon the title is placed in the ...
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