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theBIGstep, Home Buyer in Prince William County,...

Clear vs Marketable Titles - HELP! Can someone please explain to me why there is a difference. We are

Asked by theBIGstep, Prince William County, VA Sat Feb 28, 2009

purchasing a foreclosure which will come with a marketable title and have been told several times that this is okay. We have read and research but are still confused as to why have marketable and not clear in there......can someone please explain the difference in common language...and also what to look at for with the title company/search...thanks!

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May I suggest you talk with Matt at MBH in Manassas? He is an attorney. He does settlements and this sort of thing all day long and he is very, very nice. He will even check his email and cell phone over the weekend if you are agonizing over this and can't wait until Monday. In return, he'll ask that you use their services for settlement, but they are reasonably priced and they do a good job. Below is the contact info from their web site under locations - There, there is a link to Matt's email, too. Tell him Vicky Chrisner at Keller Williams recommended him.

Manassas Office

Location Map Contact Information
11760 Sudley Manor Drive
Manassas VA 20109
Phone: 703-393-0333
Fax: 703-393-7033

Branch Manager
Matthew Medaries

Take I-66 West to Exit 47 (Route 234 Business South). After approximately 1 mile, turn right onto Sudley Manor Road, and then take the second right into Bull Run Plaza. The office backs to Ashton Avenue near Shoppers Club.
0 votes Thank Flag Link Sat Feb 28, 2009
The difference as I understand it is that marketable title is that the title can be transfered with some defect that the title insurance company will insure over it. While clear and marketable title shows no such defect. The best thing is to review the title policy and if you are getting a loan the bank should be reviewing the same policy to ensure the interest you are buying can be transfered to someone else.

But I would have someone representing you review the policy and the excecption to understand what the title insurance company is insuring, so you will feel comfortable with the transaction.

Things not usually covered in the title policy are enchrochments that would be identified by a survey and you should understand if there are encroachments and if there are what they are.

If your in a state that requires an attorney be at the closing, make sure he reviews the title.
0 votes Thank Flag Link Sat Feb 28, 2009
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