Marketability

Question 1

What type of title does a reasonable buyer want?

Answer 1

An FSA with a clean title and no defects

Question 2

What is the mechanism to check the title for defects?

Answer 2

There is no perfect mechanism for checking a title, recording center can only run title to find out what is on the record. But adverse possession claims are off record claims.

Question 3

Is there such thing as a perfect title?

Answer 3

No, almost all titles are going to have some defect. Most buyers just want a title that is free from UNREASONABLE risks and will be held up by law.

Question 4

Where a condition which has been created by the seller ______ impairs the value of the contract and is peculairly within the _____ of the seller or unlikely to be discovered by a _______ prudent purchaser exercising ______ with respect to a subject transaction, _______ consititues a basis for rescission as a matter of ______.

Answer 4

Materially; knowledge; reasonably; due care; nondisclosure; equity.

Question 5

Non-disclosure is _________?

Answer 5

fraudulent misrepresentation