|New, revised title standards now available|
Changes to seven title standards and three new title standards approved by the ISBA Board of Governors at its quarterly meeting the end of March have now been posted on the ISBA website. The approvals were based on recommendations by the ISBA Real Estate & Title Law Section’s Title Standards Committee.
Revisions approved include: Title Standard 1.1 pertaining to an attorney’s attitude in examining abstracts of title; Standard 1.9 pertaining to the necessity for an abstract to show a mortgage or similar security agreement, either satisfied or not satisfied, if more than 20 years old; Standard 7.7 pertaining to what is necessary to clear the title to real property that is encumbered by a mortgage when an individual mortgagee is deceased; and Standards 12.1 and 15.3 pertaining to situations where real property is held in a partnership’s name or in a limited liability company’s name.
New standards approved include: Title Standard 1.13 pertaining to the marketability of a title of residential construction when a notice has been posted on the Mechanic’s Notice and Lien Registry; Standard 4.12 pertaining to what showing is necessary to ensure a clear title to real estate when it is subject to an outstanding contract for deed; and Standard 10.7 pertaining to the extent Iowa Code § 614.14A can be relied upon as a statute of limitations when a corporation, limited liability company, partnership, cooperative or association seeks to invalidate a deed or real estate contract based on the allegation that the execution of the instrument was not authorized by the entity.
You can download the entire set of title standards in PDF or Word formats from the ISBA’s website by clicking on "Title Standards” under the "Practice Tools” tab. To be taken directly to the list of new and revised standards and the links to download the entire set, click here.