Closings glossary
Marketable title
Title a reasonable buyer would accept, free of defects that would expose that buyer to litigation. Most New York contracts require the seller to convey it at closing.
What is marketable title?
Quick Answer
The full definition
Title a reasonable buyer would accept, free of defects that would expose that buyer to litigation. Most New York contracts require the seller to convey it at closing.
Where does marketable title come up in a New York City closing?
A Brooklyn contract lets the buyer cancel if title is unmarketable, and an unreleased 1998 mortgage is what pushes the seller to ask for an adjournment.
What else should you read before closing?
In the glossary
- Cloud on titleAny claim or encumbrance that may impair the owner's title. New York owners resolve the serious ones through a quiet title action under RPAPL Artic...
- Title insuranceInsurance against loss from title defects that existed before the policy date. New York premiums come from a filed rate schedule, so the figure is ...
- EncumbranceAny interest in the property held by someone other than the owner, whether monetary such as a mortgage or lien, or non-monetary such as an easement...
- Title exceptionA matter the title policy does not insure against, listed on Schedule B. Some exceptions are removed before closing and others are simply accepted ...
- Chain of titleThe sequence of recorded conveyances of a property, from an earlier known owner to the present one. Gaps and defective links in the chain are what ...
Questions this raises
- What happens if the title search finds a problem before closing?Schedule B-I requirements are the punch list, not a dead deal. How New York closings clear old liens, missing satisfactions and name hits before th...
- What is curative title work?Curative work clears Schedule B-I before closing: payoffs, missing satisfactions, heirship affidavits, ACRIS indexing fixes and escrow holdbacks in...
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Legal Disclaimer: This page is general information about New York practice. It is not legal advice, it does not account for the terms of any particular contract, building or transaction, and reading it does not create an attorney-client relationship. This is attorney advertising. Prior results do not guarantee similar outcomes.