Agreement to supply evidence of merchantable title.

At least five days prior to closing date, seller shall show to purchaser or h agent evidence of merchantable title in seller (a) by exhibiting registrar's certificate of title or a certified copy of it, and a currently dated special tax report, or (b) by delivering a title insurance policy or commitment for title insurance by the _________ Title Insurance Company, bearing date on or subsequent to the date of the acceptance of this contract, in the amount of the purchase price subject only to items listed above and usual stock objections. Delay in delivery by seller of commitment for title insurance due to delay by purchaser's mortgagee in recording mortgage and bringing down title shall not be default of this paragraph. Every certificate of title, title insurance policy, or commitment for title insurance furnished by the seller under this contract shall be conclusive evidence of good title as shown in it, subject only to the exceptions stated in it. If evidence of title discloses other defects, seller shall have thirty additional days to cure such defects and notify purchaser, but purchaser may take the title with other defects (with the right to deduct from the purchase price liens and incumbrances for a definite or ascertainable amount) by notifying seller and tendering performance. At closing, if requested, seller shall execute customary form of affidavit of title and sign customary ALTA (American Land Title Association) form.

 

 

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