GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Title Defect


Synonyms:imperfection, title fault
Filed Under: legal-contracts, real-estate
Tags: contract, legal, realty
 

Definition of title defect

title defect
1. A legal claim made by an external party against the property or the right of another party to make demands upon the property owner.

Related Terms and Acronyms:

  • distress   The right of one party to sell real or personal property belonging to another party to pay unpaid or overdue debt.
  • distressed property   Property that is in poor condition, or whose owner is in poor financial condition.
  • insurable title   A title that can be insured.
  • lien   A legal hold or claim of a creditor on the property of another.
  • title insurance   Insurance that covers title defects and ownership challenges on a property.

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