The Seller's Responsibility Regarding Title Examination

Explanation: The question asks whether it is true or false that the seller must notify the buyer to have the abstract of title examined by an attorney or obtain a policy of title insurance. This statement is true. A seller of a property, such as land from a small farm being converted for commercial or residential use, must ensure that the potential buyer is informed of the importance of having a clear and accurate title.

The seller can provide reassurance by suggesting that the buyer have the abstract of title reviewed by a legal professional or by securing title insurance. This helps both parties to mitigate the risks associated with any potential defects in the title that might not be immediately apparent. This practice aligns with the principle of 'Caveat emptor' or 'let the buyer beware', which is often cited in matters concerning the sale of goods and property, especially when information asymmetry exists.

However, this principle does not absolve the seller from disclosing vital information pertaining to the title.