Title Curative Work Agreement
A Title Curative Work Agreement is a legal contract between parties involved in resolving issues related to the title of a property. This agreement typically arises in the context of real estate transactions, where the title to a property may have defects, such as liens, encumbrances, or inaccuracies in the public records that could hinder the sale or transfer of the property.
The primary purpose of a Title Curative Work Agreement is to outline the responsibilities of the parties involved in addressing and resolving these title defects. This may include actions such as obtaining necessary documentation, filing corrective instruments, negotiating with lienholders, or even initiating legal action to clear the title.
For example, if a property is encumbered by a lien that has not been properly released, the agreement will specify who is responsible for ensuring the lien is resolved. The agreement may also detail timelines for actions to be completed and the allocation of costs associated with the title curative process. The agreement serves to protect the interests of all parties and facilitate a smooth transaction by ensuring that the title is clear and marketable before the sale or transfer of the property is finalized.
« Back to Glossary Index