Applesaucer
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Simple English definitions for legal terms
failure of title
Read a random definition: OTSA
A quick definition of failure of title:
Failure of title means that the seller of a property cannot prove that they have the legal right to sell it. This can happen if there are liens or other claims on the property that the seller did not disclose. If there is a failure of title, the buyer may not be able to take ownership of the property and the sale may not go through.
A more thorough explanation:
Definition: Failure of title refers to a situation where a seller is unable to prove that they have a good claim to the property they are selling.
For example, if someone tries to sell a house but cannot provide the necessary documents to prove that they own the property, it would be considered a failure of title.
This can be a serious issue for buyers, as they may end up purchasing a property that they do not actually have legal ownership of. It is important for sellers to ensure that they have a clear title to the property they are selling before entering into any agreements.