It is almost impossible to find a title free from defects, irregularities or objections. Objections should be made or title-clearing requirements imposed only when the irregularities or defects present a real and substantial basis for litigation or probability of loss.
Comment 1. The built-in uncertainty of title should not drive an attorney to extreme caution far in excess of the real and substantial possibility of litigation or probability of loss. An attorney should not construe picayune irregularities or defects as substantial defects in title which might result in their client’s loss of bargain of their contract. In dealing with the uncertainty of title, the attorney should be a positive and constructive force to resolve the material defects in title, but also willing, with the client’s informed consent, to accept the inevitable technical defects.
Comment 2. Title Standards are primarily intended to eliminate technical objections which do not impair marketability and some common objections which are based upon misapprehension of the law.
Comment 3. When an attorney finds a situation which the attorney believes creates a question as to marketability of the title and the attorney has knowledge that this same title has been examined and passed as marketable by another attorney, the attorney should communicate with the other attorney, explain the title situation and afford the opportunity for discussion, explanation and correction, when necessary.