Title Defect

Title Defect

Something that prevents a title to a property from being a clear title. That is, a title defect is a situation in which there may be a legitimate, contrary claim to the true ownership of the property. A title defect can prevent the sale of a property. See also: Title search, Title insurance, Quitclaim deed.
References in periodicals archive ?
"First and most significant is a title defect. In 2003, persons then holding only 80% of the ownership shares in the property (this Order calls their successors in interest the 'Condominium Tenants') signed a master deed that purported to create a two-unit condominium.
States Title Insurance Company of California will use data-driven technology to predict the risk and severity of a title defect on a particular property, aiming to deliver title insurance more efficiently and at lower costs, according to the company.
The documents have been amended to include a title defect cash flow event if any site experiences a loss or disruption due to a title dispute whereby all residual cash flow from the pool will be used to pay down the outstanding balance by 125% of ALA for that respective site.
"That's what the gas company would refer to as a title defect, or an uncertainty in the chain of title," Grayson said.
If a title defect is discovered and must be cured before the property can be sold, the seller will often make a claim under its title insurance policy and want its title insurer to cure the defect as quickly as possible to avoid a loss of the sale and any decline in property value.
InMay 2007 he was fined pounds 2000 for failing to reply to a solicitor or the LawSociety in relation to a title defect involving two properties.
The owners of a commercial property in Watertown could sue their former attorneys for malpractice after they failed to identify a title defect dating to 1998 that temporarily disrupted a partition action commenced in 2013, a Superior Court judge has ruled.<br />The defendants in the case are Saul Ewing and one of the Boston firm's attorneys, Peter S.
Courts throughout the United States have generally identified three points in time to use to measure damages within a title policy's limits in connection with an owner's loss of title: the date of purchase of the property, the date the title defect was created, and the date the defect was first discovered.
We provide a free CARFAX report with every vehicle and we never sell a vehicle which has had a prior serious problem or title defect.
The special servicer determined that title defect exists that prevents an orderly disposition of the subject.
(15) Shada then held that the title company was required to remove the title defect without insisting upon an "actual loss," an "unworkable term" according to the New Jersey opinion cited by the court.
5) The buyer wants to close on the residence he is purchasing, notwithstanding a slight title defect. Disclosure of the defect, or excepting the defect from the lender's title commitment, will defeat the financing.