Escrow & Title
In South Carolina, what is a 'marketable title'?
AA title that has been recently listed for sale
BA title that is free from reasonable doubt about its validity, allowing a buyer to enjoy the property and sell it later without risk of litigation✓ Correct
CA title that has been advertised on the MLS
DA title appraised at the highest possible market value
Explanation
Marketable title is title that is free from reasonable doubt and from defects that might create the risk of litigation or impair the owner's ability to enjoy the property or sell it in the future. It is the standard typically required under purchase contracts.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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