Property Ownership
Washington's Marketable Title Act limits title searches by extinguishing old claims after a specified period. This benefits buyers by:
AGuaranteeing title without title insurance
BReducing the chain of title that must be searched to establish marketable title✓ Correct
CEliminating all prior mortgages from the record
DAutomatically conveying title after 10 years of possession
Explanation
Washington's Marketable Title Act (RCW 65.08.
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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.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
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.
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.
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