Sunday, March 15, 2020

Property Owners Beware! One Year Left to Preserve “Older” Property Interests

Last year, the Legislature amended the 40 Year Marketable Title Act (the Act), and created a two year window during which holders of “older” property interests could preserve those interests by recording a notice of those interests with the Register of Deeds.  That window ends March 29, 2021, leaving about one year left to record such a notice.
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By way of background, the purpose of the Act is to simplify and facilitate land title transactions by creating a statutory basis for “marketable title.”  The Act accomplishes this by extinguishing by operation of law certain interests which arise out of any act or document that precedes the applicable 40 year period. The recent amendment provides an opportunity for people benefiting from these “older” interests to preserve them by recording the notice; otherwise, they may well be extinguished by operation of the Act.
Get Started Today: Schedule Your Consultation!

If you would like to learn more, contact Scott Munzel, a real estate lawyer at PSED today! Attorneys at Pear Sperling Eggan & Daniels, P.C., can help assist you with virtually everything law related. Consult your attorney for details.

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