What is the Marketable Title Act?

The Marketable Title Act is a law in Virginia that sets out the requirements for a title to be legally considered a “marketable” title. A marketable title is a title that can be sold to another party without the risk of any future legal challenges. This law is very important as it provides assurance to buyers that the title is clear of any potential legal claims. The Marketable Title Act requires that all titles be clear and free of any potential claims of ownership or other liens against the property that would be binding in a court of law. It has been described as a “good title” that provides the assurance of ownership. The title must be in the possession of the current owner or their designate. The title must be able to trace back to the original owner of the property, and it must be free of any liens, claims, or encumbrances that could become enforceable by a court. The Marketable Title Act also requires that all titles must be registered and recorded with the county or city in which the property is located. This law is very important in providing assurance that when a title is transferred, it will be recognized by all parties. Without the Act, buyers may be at risk of acquiring a title that has some defect or may even be contested by a third party. The Act helps to ensure that buyers acquire title to property free of any potential legal risks.

Related FAQs

What is an exclusive right-to-sell agreement?
What is the difference between a leasehold and a freehold estate?
What is a deed of quitclaim?
What should be included in a real estate purchase contract?
What is zoning?
What rights does a tenant have under a lease?
What is the difference between a warranty deed and a quitclaim deed?
What is an easement in gross?
What is a deed of partition?
What is a deed of gift?

What is the Marketable Title Act?

Related FAQs

Related Blog Posts