Posted by TC on November 27, 2000 at 24:22:30:
This is saying that the sellers will furnish you with a good title that is to be insured to be free and clear against any encumberances in the amount of the purchase price within 10 days after of the terms of the contract are accepted by them.It is negotiable as to who pays for this insurance but I will usually have the seller pay unless I’m getting the property at a very good buy.
Keep in mind that I by no means am an attorney.
Hope this helps.
Someone please explain this paragraph. - Posted by Anthony
Posted by Anthony on November 26, 2000 at 23:38:09:
WHAT DOES THE SELLER HAVE TO DO TO FULFILL THE STATEMENT OF THIS PARAGRAPH?
TITLE EVIDENCE. Within 10 days after acceptance, Seller will deliver to Buyer or closing attorney [x] Title Insurance commitment for an owner?s policy in the amount of the purchase price.
What does the seller have to do or give me or what?
Anthony
Re: Someone please explain this paragraph. - Posted by Stew (NE)
Posted by Stew (NE) on November 27, 2000 at 11:52:17:
I don’t think that this means that the seller has to deliver a free and clear title. It just states that the seller has to get a commitment from a title company. I recently had to get a commitment from a Title company. They will give you a commitment but they also will have a section that has exclusions in it. I hope somewhere else in the document talks about delivering a free and clear title. I am not a lawyer either.