Escrow & Title
In North Dakota, which of the following describes a 'marketable title act' provision?
AA law requiring all properties to be listed on the MLS
BA state law that extinguishes certain old recorded encumbrances after a period of time to facilitate clear title✓ Correct
CA law guaranteeing the value of all North Dakota properties
DA law requiring title insurance on all transactions
Explanation
Marketable title acts (like North Dakota's NDCC Chapter 47-19.1) extinguish old stale claims, interests, and encumbrances after a specified period (typically 40-50 years), facilitating cleaner title searches and reducing title insurance costs.
Related North Dakota Escrow & Title Questions
- When a North Dakota deed is delivered but not recorded, the transfer of title between grantor and grantee is:
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- In a North Dakota closing, the seller's mortgage payoff amount appears as a:
- In North Dakota, which of the following is a title insurance policy that protects the lender?
- An abstract of title is:
- In North Dakota, a 'sheriff's deed' is typically issued in connection with:
- When a North Dakota property is transferred through a trust, the trustee signs the deed. The deed would be a:
- In North Dakota, the county register of deeds maintains records of all recorded documents affecting real property. This system provides:
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