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How is Good Title defined in a legal contract?

• Good Title means the possession of a property that is legally valid, unchallenged, considered superior to other claims, and does not expose the holder to potential legal disputes over the validity and priority of the title. Seen in 8 SEC filings.
• Good Title means that the holder is the lawful owner of the assets, possessing the power to mortgage or charge them as stipulated in the security trust deed. Seen in 5 SEC filings.
• Good Title means having a strong and defensible claim to a property, which is sufficient against competing claims, and would prove to be acceptable to a prudent purchaser of oil and gas properties or a prudent lender lending against such properties as collateral. Seen in 5 SEC filings.
• Good Title means that a prudent person engaged in the business of purchasing and owning oil and gas properties with knowledge of all related facts would be willing to accept the title. Seen in 4 SEC filings.
• Good Title means the rightful ownership and peaceful possession of the land, with the authority to work on it for a term of [number] years. Seen in 4 SEC filings.
• Good Title means possession of a marketable title in fee simple, free and clear of all liens, encumbrances, restrictions, and burdens, except for permitted encumbrances. Seen in 3 SEC filings.
• Good Title means having a valid and transferable title in the case of personal property, and, having a title in accordance with the stipulations of the title commitment, subject to permitted encumbrances in the case of real property. Seen in 3 SEC filings.

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Which definition should you use?

🤔 has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

Good Title means legal, uncontested ownership, free from encumbrances except those permitted, and not causing dispute risk.

Relevant Contract Types

• Real Estate Purchase Agreement
• Asset Purchase Agreement
• Mergers & Acquisitions Agreement

Relevant Circumstances

• Purchasing or selling of property
• Any business deal involving transfer of assets
• Merger and acquisition deals

Relevant Sectors

• Real Estate
• Corporate Law
• Banking & Finance

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Genie Definition 2

Good Title means lawful ownership of assets, with power to mortgage or charge them following the [agreement's] stipulations.

Relevant Contract Types

• Mortgage Agreement
• Charge Agreement
• Loan Agreements

Relevant Circumstances

• Securing a mortgage for a property
• Loan agreements where assets are used as collateral

Relevant Sectors

• Banking & Finance
• Real Estate

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Genie Definition 3

Good Title means rightfully owning and peacefully possessing the property for a specified [time period].

Relevant Contract Types

• Lease Agreement
• Rent Agreement

Relevant Circumstances

• Leasing or renting property
• Tenancy agreements

Relevant Sectors

• Real Estate

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