Title Standards updates now available
Share |

A new title standard, a title standard repeal and five other updates were approved by the ISBA Board of Governors at its quarterly meeting in December 2014 and 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. You can review and download the new and updated title standards by going to the Title Standards page or by navigating to the ISBA’s website and clicking on "Title Standards” under the "Practice Tools” tab.

The new standard approved was Title Standard 4.13, pertaining to when the vendor under a contract for deed is deceased and there is no surviving joint tenant vendor. Title Standard 4.1 was repealed and is incorporated into revised Title Standard 10.5 shown below.

The approved revisions include:

  • Title Standard 6.7 pertaining to Iowa Code § 624.23(2) be relied upon to remove judgment liens appearing in the chain of title and support a determination that a title is marketable?
  • Title Standard 10.4 pertaining to when a mortgage, trust deed, contract, or other security instrument is more than twenty years old, but the record of the mortgage instrument, or any amendment or extension thereof, does not show the date of the maturity.
  • Title Standard 10.5 pertaining to when an instrument filed for record more than ten years ago refers to an unrecorded real estate mortgage or similar security instrument and such instrument does not disclose the due date of such unrecorded mortgage or similar security instrument.
  • Title Standard 10.6 pertaining to whether Iowa Code §614.24 through §614.28 may be relied upon to bar use restrictions, including restrictive covenants, and reversions to land after twenty one years from recording when a verified claim has not been filed within the twenty-one year period.
  • Title Standard 15.3 pertaining to whether an instrument affecting real estate is executed by a limited liability company, is it necessary to obtain a showing from its certificate of organization, operating agreement, or a duly authorized company resolution.