An escape clause is a provision in a contract that allows one or more parties to cancel all or part of the contract if certain events or situations do or do not happen.
An insurable title refers to a property title that a title insurance company is willing to insure, ensuring that the title is clear of any disputes, defects, or encumbrances which could affect the ownership or value. This term is significant in real estate transactions to mitigate risk and provide protection to the buyer or lender.
A Mortgagor’s Title Insurance policy protects the buyer or owner of real property from legitimate claims of ownership interest on the property, offering important supplemental coverage beyond the Mortgagee’s Title Insurance policy. Typically, the buyer covers the premium cost for additional security in property transactions.
A vendee's lien is a legal claim against a property that is given as security for a deposit paid by a purchaser under a contract of sale. This lien protects the buyer's interests should the seller attempt to breach the agreement.
A warranty is a promise contained in a contract, typically in real estate, that guarantees certain conditions or performances with regards to a property, often provided by the seller or builder.
