Escrow & Title
In Indiana, 'marketable title' means:
ATitle that has been insured by a title company
BTitle free from reasonable doubt as to its validity that a court would compel a buyer to accept✓ Correct
CTitle that has been recorded for more than 40 years
DTitle that carries no encumbrances of any kind
Explanation
Marketable title (also called merchantable title) is title free from reasonable doubt as to its validity that a court of equity would compel a buyer to accept. Minor technical defects do not automatically defeat marketability.
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Key Terms to Know
Encumbrance
Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Math Concepts
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