A real estate contract embodies all the terms of sale between buyer and seller and must have, at a minimum, a price, a description of the property, a date for closing and the names of the parties.
The term "good marketable title" is the gold-standard of quality of title and generally signifies that the title is such that no reasonable person could raise an objection to its adequacy. In modern society good marketable title without some exceptions is a rarity.
First and foremost title insurance is a form of insurance. A qualified insurer, for a premium, will insure that the title to a specific parcel of real estate is good and marketable, subject to stated qualifications. If an objection that was not excluded under the policy is raised successfully, the insurance company will be liable for the cost of curing the defect.
The "closing" is often what comes to mind when people seek legal representation in a real estate deal. Actually, the closing comes at the very end of the process when buyer and seller come together to exchange documents and money.