Definitions for "DEFECTIVE TITLE"
Any recorded instrument that would prevent a grantor/seller from giving a clear title. Example: The seller has a lien on the property that was filed when he failed to pay a contractor for work performed. The seller may obtain clear title by paying the contractor and removing the lien.
Any recorded instrument that would prevent a grantor/seller from providing a clear title. Example: Seller has a contractor lien on the property that was filed when he/she failed to pay the contractor for remodeling. The seller may obtain clear title by paying the contractor and removing the lien.
A title that is unmarketable or unable to be transferred in its current condition.
Deficiency Judgment Depreciation
Ownership of property which is subject to some competing claim.