Escrow & Title
An Alabama title search covering the last 40 years is considered adequate under what legal concept?
AMarketable title standard
BThe Marketable Title Act, which limits the search period needed for clear title✓ Correct
CCERCLA clean site provisions
DRESPA title requirements
Explanation
Many states, including Alabama, have Marketable Title Acts that establish a search period (often 40 years) after which certain old claims and interests are extinguished if not re-recorded.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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