Contracts
Vermont's title contingency in a purchase contract allows the buyer to:
APurchase the property without a title search
BReview the title commitment and raise objections to any title defects within the contingency period✓ Correct
CRequire the seller to buy title insurance
DSelect any title company they choose regardless of seller preference
Explanation
A title contingency gives the buyer the right to review the title commitment, identify any title defects or encumbrances, and either accept them, require them to be cured, or exit the contract if they are unacceptable.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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