Common use of ABSTRACT AND TITLE Clause in Contracts

ABSTRACT AND TITLE. Seller, at their expense, shall promptly obtain an abstract of title to the real estate continued through the date of this contract and deliver it to buyers for examination. It shall show merchantable title in Seller in conformity with this contract, Iowa law and the Title Standards of the Iowa State Bar Association. The abstract shall become the property of the Purchaser when the purchase price is paid in full; however, Purchaser reserves the right to occasionally use the abstract prior to full payment of the purchase price. Seller shall pay the costs of any additional abstracting and title work due to any act or omission of Seller, including transfers by, or the death of, Seller or their assigns. The Purchaser shall provide, at its expense, all policies of title insurance required by its lender. If title insurance is required, the owner’s title policy shall be split 50/50 between Sellers and Buyers.

ABSTRACT AND TITLE. Seller, at their expense, shall promptly obtain an abstract of title to the real estate continued through the date of this contract and deliver it to buyers for examination. It shall show merchantable title in Seller in conformity with this contract, Iowa law and the Title Standards of the Iowa State Bar Association. The abstract shall become the property of the Purchaser when the purchase price is paid in full; however, Purchaser reserves the right to occasionally use the abstract prior to full payment of the purchase price. Seller shall pay the costs of any additional abstracting and title work due to any act or omission of Seller, including transfers by, or the death of, Seller or their assigns. The Purchaser shall provide, at its expense, all policies of title insurance required by its lender. If title insurance is required, the owner’s title policy shall be split 50/50 between Sellers and Buyers.