What is the Marketable Title Act?

The Marketable Title Act is a law in Alaska that helps maintain accurate records of ownership of real estate. It does this by validating the chain of title for real estate, which is the history of ownership, transfers, and other interests in the land. The act is designed to create a reliable system of property ownership records to make sure that disputes over real estate can be addressed quickly and more easily. The act requires county courthouse records to be checked for the past 10 years originally, and then 5 years after a property is sold to check again for any changes in ownership. The act also addresses forgotten or expired interests that might be held in properties. It does this by providing a procedure for an owner to obtain a marketable title for a parcel of land if certain conditions are met. This ensures that all legal interests are identified before any real estate is sold. Finally, the act also grants certain rights to any person who holds an interest in the land or property. That person can take specific legal actions to protect their interests, such as filing a claim in court. In short, the Marketable Title Act is an important law which helps create a reliable system of recording and protecting real estate ownership in Alaska. It protects buyers and sellers from having legal disputes, and provides various legal rights to any person who holds an interest in real estate.

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