Procedure in Case of Objections to Title,
Procedure in Case of Objections to Title
When there is a contract drawn up in case of objection to the title, both parties within a stipulated time frame need to furnish the other with a complete merchantable abstract of the title which shows sufficient title on the date the contract was signed by the parties with regards to the property which is conveyed by them.
If there is an abstract which is furnished, the party which receives the abstract within a stipulated time frame needs to deliver to the other party or to the agent along with the abstract a note or a memorandum. This needs to be in writing and it should be signed by either the attorney or it needs to be signed by the party. In it should be the details with regards the objections that there are to the title. Incase there are no objections, then it needs to be stated that it is found to be satisfactory.
If there are material defects that are there in the title and which are reported, these defects need to be cured within a stipulated time frame of notice of the defects. If it is not done so, the contract shall become null and void based on the option that the party who gives objections to it. When there is notice of election such as the above, then the other party is to be informed but inspite of being informed the party may take the title as it is and in cases such as those, the other party needs to convey as it is agreed above.
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