Asked by Aaron Morris on Jul 16, 2024
Verified
In a real estate transaction, who has the obligation of searching the title to determine which encumbrances must be discharged?
A) Purchaser's realtor.
B) Vendor's realtor.
C) Purchaser's lawyer.
D) Vendor's lawyer.
E) Surveyor.
Title
A legal term referring to the legal rights of ownership and possession of a particular property or asset.
Encumbrances
Legal claims or liabilities on property or assets that may affect their use or transferability, such as mortgages or liens.
Obligation
A legal or moral commitment to perform or refrain from performing some action.
- Realize the significance and workflow of investigating titles and dispelling impediments prior to the final agreement.
Verified Answer
SK
Sunny KaushalJul 22, 2024
Final Answer :
C
Explanation :
The purchaser's lawyer is responsible for searching the title to ensure that the title is clear of any encumbrances that must be discharged before the transaction can be completed. This is to protect the purchaser's interests.
Learning Objectives
- Realize the significance and workflow of investigating titles and dispelling impediments prior to the final agreement.
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