Property Ownership
Missouri's 'Marketable Record Title Act' helps property owners by:
ASetting maximum property prices
BExtinguishing old claims and interests in title after a specified period (typically 40+ years) to simplify title searches✓ Correct
CRequiring annual title updates
DMandating title insurance for all sales
Explanation
Missouri's Marketable Title Act (Chapter 442 RSMo) extinguishes certain old claims, defects, and interests in title after 40 years, simplifying title searches and marketability. This helps prevent ancient defects from clouding modern titles.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
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