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The following states have marketable title acts, sometimes called a Real Property Marketable Title Act or a Marketable Record Title Act: Connecticut, Florida, Kansas, Illinois, Indiana, Iowa, Michigan, Minnesota, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Dakota, Utah, Vermont, and Wyoming.
An easement allows another person the right to use your land for a specific purpose. The most usual easements are those granted to public utility or telephone companies to run lines on or under your private property and to neighboring houses to use a common driveway to give access to their home.
In most instances, the responsibility falls on the person who has the easement right. A landowner that has an easement over the property of another landowner is the holder of the dominant estate.
Marketable title is a concept in property law referring to a title free from any claims or disputes about the ownership, or from any threat of litigation. When a seller is selling property to a buyer, an implied promise is that the seller will deliver marketable title to the buyer.
Marketable Title Examples Examples of this include: Title with known Easements - Encumbrances on property titles can impact a property's use, but not its ownership status. Due to sewage or electrical lines running through the land, a city easement may prevent property owners from building an outdoor swimming pool.
Evidence of a marketable title includes: An abstract of title. A title insurance policy. A certificate of title.
The plat must show all angular and linear data along the exterior boundaries of the tract of land divided or subdivided, the names of all public streets and the width, course and extent of all public streets, alleys and ways for public service facilities.
The purpose of the Marketable Title Act is to simplify land title marketability and render harmless ancient defects in title. This article deals with two provisions of the Marketable Title Act, 735 ILCS 5/13-114 and 5/13-118, that deal with time limitations on bringing a claim to real estate.