Title Review Contingency
The buyer will have the opportunity to review a preliminary title report. This report will show the amount you owe on the property. That amount will be paid off at sale. It also shows any easements, mineral rights, and other items associated with the property. A buyer will look at several things. If you owe more on the property than they are paying, they will want to be sure that you have the cash to close the transaction. If you have refinanced and the original loan has not yet been removed from the title (reconveyed), it may look like you owe more than you actually do. The title company will be able to clear up these types of discrepancies.
Most of the easements will be standard easements for access by power companies or road maintenance. There may be an easement for a neighbor to cross a portion of your driveway to get to his driveway. A buyer will review everything to assure himself that he can be comfortable with any easement that remains with the property. Once in awhile, there will be something that a buyer finds objectionable. If this is the case, he may request that you have it eliminated from the title. If you can have the objectionable item eliminated, he will proceed. If it is not possible, the contract may be canceled, and you will be putting your home back on the market.