Marketable Title
Marketable title is ownership of real property that is free from encumbrances and reasonable doubt as to the interest of any third person so that the buyer will not have to defend his or her ownership through litigation.
- Example : Jesse enters into a written contract to purchase Ralph’s home. Gulotta & Gulotta, PLLC order a title search which revealed that the neighbor’s fence extends 8 feet onto Ralph’s property. Ralph is not able to convey marketable title to Jesse. Gulotta & Gulotta, PLLC successfully negotiates a credit to Jesse for $7,000 off of the purchase price. Jesse agree and the closing proceeds.
