Over the years, the title clause in the standard form real estate transaction has changed.
The title clause was amended several times. Initially, it provided for:
- good title, then it was,
- good title with some exceptions, then it was,
- good title with even more exceptions, now the bargain is for
- insurable title, not good title at all.
So, you can see why some Buyers may want to change that. The clause is now more beneficial to Sellers and real estate agents since it forces unwilling Buyers to complete deals, unless they had the foresight to amend the terms.
Brian Madigan LL.B., Broker