Common use of DEFECT IN TITLE Clause in Contracts

DEFECT IN TITLE. The BUYER shall have five (5) days after such delivery of title insurance commitment to specify objections to the title in writing and deliver the same to the SELLER or transaction broker. The SELLER shall correct any such defects within sixty (60) days from the date of delivery of such objections. Any defects appearing in the title commitment and not so to objected (except liens of record which can be removed as of course by the payment of money), shall be deemed waived but only insofar as correction under the title commitment is concerned. If any of said defects so noted are not corrected within the sixty (60) day period aforementioned, then this contract shall be null and void (at the option of the BUYER) and the ▇▇▇▇▇▇▇ money deposit shall be returned to the BUYER.

DEFECT IN TITLE. The BUYER shall have five (5) days after such delivery of title insurance commitment to specify objections 68 to the title in writing and deliver the same to the SELLER or transaction brokerSELLER. The SELLER shall correct any such defects within sixty (60) days 69 from the date of delivery of such objections, and the closing shall be extended for such period. Any defects appearing in the title commitment and not so to objected (except liens of record which can be removed as of course by the payment of money), shall be deemed waived but only insofar as correction under the title commitment is concerned. If any of said defects so noted are not corrected within the sixty (60) day period aforementioned, then this contract Contract shall be null and void (at the option of the BUYER, by written notice to the SELLER within five (5) days after the expiration of the sixty (60) day period) and the ▇▇▇▇▇▇▇ money deposit shall be returned to the BUYER.. SAMPLE