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MARKETABLE TITLE Good or clear title reasonably free from risk of litigation over possible defects; also referred to as merchantable title. Marketable title need not, however, be perfect title. AGREEMENT OF SALE An agreement between the seller (vendor) and buyer (vendee) for the purchase of real property. LETTER OF CREDIT An agreement or commitment by a bank("issuer") made at the request of a customer ("account party")that the bank will honor drafts or other demands of payment from third parties ("beneficiaries") upon compliance with the conditions specified in the letter of credit. LAND, TENEMENTS AND HEREDITAMENTS A feudal phrase used to describe all types of immovable realty including the land, buildings and all appurtenant rights thereto. DEED A written instrument by which a property owner "grantor" transfers to a "grantee" an ownership in real property. |
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