Escrow & Title
A title search in Illinois typically examines records going back how many years to establish a 'marketable title'?
A10 years
B20 years
C40 years✓ Correct
DThe full chain of title back to the original government patent
Explanation
In Illinois, a title search customarily examines at least 40 years of the property's chain of title to identify any outstanding claims, liens, or defects. The Marketable Title Act in Illinois limits the effect of old claims in some circumstances.
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Key Terms to Know
Chain of Title
The sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Math Concepts
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