Condition of Title definition
Examples of Condition of Title in a sentence
Developer shall have reviewed and approved the Condition of Title of the Site, as provided in Section 203 hereof.
Title shall be evidenced by the Escrow Holder's title insurance underwriter (the "Title Company") issuing its California Land Title Association ("CLTA") Owner's Policy of Title Insurance to Buyer in an amount equal to the Purchase Price, showing title to the Property vested in Buyer, subject only to the Approved Condition of Title (the "Title Policy").
The Exceptions to title approved by Developer as provided herein shall hereinafter be referred to as the “Permitted Exceptions” and/or the “Condition of Title.” Developer shall have the right to approve or disapprove in the manner provided in this Section any Exception reported by the Title Company or otherwise discovered after Developer has approved the Condition of Title (which are not created by Developer).
Concurrently with the recordation of the Grant Deed conveying title to the Site to Developer, the Title Company shall issue and deliver to Developer, at Agency’s cost, an CLTA owner’s policy of title insurance, together with the Additional Endorsements (the “Title Policy”), insuring that fee simple title to the Site is vested in Developer in the Condition of Title.
The issuance by Title Company of the Title Policy in favor of ▇▇▇▇▇ insuring title to the Property to Buyer in the amount of the Purchase Price, subject only to the Approved Condition of Title shall be conclusive evidence that Seller has complied with any obligation, express or implied, to convey good and marketable title to the Property to Buyer.