Title and Title Exceptions Sample Clauses
The "Title and Title Exceptions" clause defines how ownership of property or assets is established and identifies any exceptions or limitations to that ownership. In practice, this clause specifies that the seller must provide clear title to the buyer, but it also lists any encumbrances, liens, or other claims that may affect the title, such as easements or restrictive covenants. Its core function is to ensure that both parties are aware of the exact status of the title being transferred, thereby reducing the risk of future disputes over ownership or undisclosed claims.
Title and Title Exceptions. 7.1 On or before thirty (30) days after the Effective Date, Seller shall, at Seller's expense, procure and deliver to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ a commitment of title insurance in the amount of the purchase price issued in favor of ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ by an American Land Title Association title insurer reasonably acceptable to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, committing to insure, on the most recently adopted standard ALTA form of Owner’s Policy, the title to the Property to be conveyed to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ at Closing, subject only to the Permitted Exceptions. Seller, at that time, shall also deliver true and correct copies of all documentary title exceptions identified in the title insurance commitment, including, without limitation, the Permitted Exceptions.
7.2 If ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ does not approve the state of title as shown on the title commitment delivered by Seller under Section 7.1, then ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, at ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇’▇ sole election, may either (a) declare this Agreement null and void, whereupon the Title Company shall promptly return the ▇▇▇▇▇▇▇ Money to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ and no party shall have any further rights, duties or liabilities hereunder; or (b) elect to close the transaction contemplated hereby, in which case there shall be no adjustment of the purchase price of the Property.
7.3 ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ shall be entitled to object to any title matters created or suffered prior to Closing and after the date of the title insurance commitment provided by Seller or the date of ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇’▇ title examination, as the case may be. If ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ makes any such objection, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ shall be entitled to elect between the alternatives specified in subparagraphs (a) and (b) of Section 7.2.
Title and Title Exceptions. Within five (5) business days of the date of this Agreement, Seller will deliver to Purchaser copies of all title information in possession of or available to Seller, including but not limited to: title insurance policies, attorney’s opinions of title, recorded and unrecorded surveys, real estate tax records, covenants, deeds, easements, leases, and notes and deeds of trust relating to the Property. Seller further authorizes (1) any attorney presently or previously representing Seller to release and disclose any title insurance policy in such attorney’s file to Purchaser and both Purchaser’s and Seller’s agents and attorneys; and (2) the Property’s title insurer or its agent to release and disclose all materials in the Property’s title insurer’s (or title insurer’s agent’s) file to Purchaser and both Purchaser’s and Seller’s agents and attorneys. No later than fifteen (15) days prior to closing, Purchaser shall examine title to the Property and furnish Seller with a written statement of objections affecting the marketability of said title. Seller shall have until Closing (as hereinafter defined) to satisfy all valid objections, and if Seller fails to satisfy such valid objections by Closing, then Purchaser at Purchaser's sole election, may either (a) declare this Agreement null and void and no party shall have any further rights, duties or liabilities hereunder, and the ▇▇▇▇▇▇▇ Money will be returned to Purchaser; or (b) elect to close the transaction contemplated hereby without regard to the exceptions. Marketable title as used herein shall mean title which a title insurance company licensed to do business in the jurisdiction in which the Property is located will insure at its regular rates, subject only to standard exceptions and the matters referred to herein.
Title and Title Exceptions. Seller shall through Seller’s Agent or Closing agent furnish a current title insurance commitment or complete abstract of title to Purchaser as soon as practical. If title defects are found, Seller must cure them within a reasonable time, and Closing shall be automatically extended until such defects are cured, in accordance with Section 13, below.
Title and Title Exceptions