Asked by
Krislyn Smith
on Nov 23, 2024Verified
Who has the obligation of discharging encumbrances from title prior to closing?
A) Purchaser's realtor.
B) Vendor's realtor.
C) Purchaser's lawyer.
D) Vendor's lawyer.
E) Surveyor.
Encumbrances
Legal claims or liabilities attached to property that can affect its use, value, or transferability, such as mortgages or liens.
Discharging
The act of releasing someone from an obligation, such as a debt, duty, or legal liability, often through the payment or fulfillment of what is owed.
- Recognize the significance and process of title searching and the removal of encumbrances before closing.
Verified Answer
AC
Learning Objectives
- Recognize the significance and process of title searching and the removal of encumbrances before closing.