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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 18: Standards For Real Estate Transactions

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Important Tips for Completing a Residential Contract for Sale and Purchase – Part 18: Standards For Real Estate Transactions

January 5, 2016
Tanishia Stokes
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Title Evidence; Restrictions; Easements; Limitations

Part A of Section 18 discusses Title. The title commitment states that the Seller must provide the Buyer with the owner’s policy of title insurance in the amount of the purchase price prior to or at the Closing. This must be given to the Buyer when the deed is recorded and this policy shall ensure that the Buyer’s title is marketable. This is subject to the following: comprehensive land use requirements such as plans, zonings, and restrictions that are imposed by the government; any restrictions that appear on the Plat or that are common to the subdivision; any recorded oil, gas, and mineral rights that do not have right of entry; specific unplatted utility easements, payment of taxes for the year of closing, assumed mortgages and any additional items unless they were waived. If there is a violation based on the items identified above then a title defect has most likely occurred.

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