Escrow & Title
Iowa's Marketable Title Act (Iowa Code Chapter 614) assists in clearing title by:
AEliminating all liens more than 5 years old
BExtinguishing certain ancient claims and interests that are not preserved by re-recording within specified periods✓ Correct
CRequiring annual title updates for all Iowa properties
DReplacing the abstract of title requirement
Explanation
Iowa's Marketable Title Act (Iowa Code Chapter 614) extinguishes certain old title interests (more than 40 years old) that have not been preserved by re-recording or other specified acts, simplifying title examination and reducing abstract complexity.
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Key Terms to Know
Abstract of Title
A condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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