What is indefeasible title Texas?
Texas responded by adopting the Good and Indefeasible standard for a title, which asserts that the seller’s title is clear, but that the buyer is responsible for defending against any claims on the property should another party try to claim that land.
What is merchantability of title?
An item is deemed merchantable if it is reasonably fit for the ordinary purposes for which such products are manufactured and sold. For example, soap is merchantable if it cleans. In general, a seller or manufacturer is required by law to make products of merchantable quality.
What does equitable title mean?
A beneficial interest in real property that gives the title holder the right to acquire legal title to the property. Equitable title holders cannot transfer legal title to real property, but they derive benefits from the property’s appreciation in value.
Is an unrecorded deed valid in Texas?
Section 13.001 – Validity Of Unrecorded Instrument (a) A conveyance of real property or an interest in real property or a mortgage or deed of trust is void as to a creditor or to a subsequent purchaser for a valuable consideration without notice unless the instrument has been acknowledged, sworn to, or proved and filed …
Does a T 47 have to be notarized?
Before accepting the offer and signing the contract, a seller must make sure that they actually DO have an accurate survey in their possession, and have signed and notarized a T-47 Affidavit (the T-47 is a sworn statement of seller that the existing survey is still an accurate depiction of the property in its current …
What is 5.008 of the Texas property Code?
5.008(a) A seller of residential real property comprising not more than one dwelling unit located in this state shall give to the purchaser of the property a written notice as prescribed by this section or a written notice substantially similar to the notice prescribed by this section which contains, at a minimum, all …
What does merchantable quality mean?
When you sell a product, you make a contract with the buyer. Under this contract, you agree to provide certain goods to the consumer at a certain price, and the goods should be: Of merchantable quality – that means that they must be of a reasonable standard taking into account their price and what they are meant to do.
What does merchantable mean under UCC?
Primary tabs. Article 2 of the Uniform Commercial Code (“UCC”) governs the sale of goods. According to UCC § 2-314, a warranty that the goods shall be merchantable is implied in a contract for their sale if the seller is a merchant with respect to goods of that kind.
Can you sell equitable title?
In general, equitable title gives a person the right to use the land and enjoy the benefits that come along with its ownership. Legal title does not necessarily grant these rights. Equitable title does not allow the titleholder to sell or transfer ownership. Legal title is the only title that can do this.
What is the difference between legal and equitable title?
Legal title represents the legal ownership along with the right to control the property in many circumstances. Legal title is transferred from one person to another by a deed. On the other hand, the holder of the equitable title has the right to the use, enjoyment, and benefit of the real estate.
What makes a deed valid in Texas?
In Texas, a deed must be in writing and signed by the person transferring the land. We call this the “grantor.” The person the grantor transfers the land to is the “grantee.” You do not have to use particular words to constitute a legally effective transfer.
What is the purpose of a T-47?
The T-47 is an affidavit that accompanies a survey in real estate transactions when the buyer and seller wish to use an existing survey rather than paying for a new one at the time of the transaction. The seller is responsible for filling out this form.
How do I fill out a 47 affidavit in Texas?
How to Fill out the Texas Residential Property Affidavit Form?
- Put the date and File Number.
- Identify the Affiant(s)
- Provide the Affiant’s Physical Address.
- Describe the Property and Its Location.
- Identify the Notary Public.
- State Your Ownership Rights Type.
- Put the Date of the Last Major Changes.
- Provide Details (If Any)
Do you have to disclose mold remediation when selling a house in Texas?
The short answer is this: you should always disclose any issues with your home that you know about when selling it. Disclaimer – The information in this post is intended for general informational purposes only and not to provide legal advice.
What is merchantable quality of good?
Merchantable Quality of Goods refers to those goods which are subject to consumer sale. Merchantable quality of goods means any of the following:a) goods are free from Latent defects. b) marketable at their full Values. c) goods can be used for the purpose for which they are purchased.
What is condition as to merchantable quality?
Condition As To Merchantability This is implied only where the sale is by description and the goods should be of ‘merchantable quality’ i.e. the goods must be such as are reasonably saleable under the description by which they are known in the market. [
What must be established in order for goods to be considered merchantable under the UCC?
Among the other potential UCC requirements for merchantability are that the goods involved would “pass without objection” under the standards of the relevant trade (for example, machine screws will meet or exceed the industry standard for such screws) and that the goods are sufficiently contained, packaged, and labeled …