In other words, a document creating that person’s interest has been recorded within the 40- or 20-year period, and nothing that would conflict with or deny the person’s interest (or “purport to divest” the interest) has been recorded within that period. Under the Act, a person possesses a marketable record title to an interest in land if he or she has an unbroken chain of title to the interest for 40 years or, as provided by the 1997 amendments, 20 years for mineral interests. As stated in the Michigan Senate Bill Analysis for SB 671, the purpose of the Act, MCL 565.101, eq seq., is as follows: The Michigan Marketable Record Title Act has been in existence since 1945 and was last amended in 1997. ![]() However, the filing of a claim of interest by a condominium or homeowners’ association, that specifically describes the property subject to the restrictions, would preserve the restrictive covenants if it is done within 2 years of the date of the amendment to the Act, if the restrictions are more than 40 years old, or prior to the expiration of the 40-year time-period if the restrictions are less than 40 years old. Under the amendments to the Michigan Marketable Record Title Act, if a property owner has an unbroken chain of title of more than 40 years, that does not specifically identify the restrictive covenants, restrictive covenants may no longer be enforceable as to that owner. ![]() Associations that do not do so risk invalidating deed restrictions upon which the community is based. Based on the amendment to the Michigan Marketable Record Title Act, in certain circumstances, Michigan community associations may be required to file a claim of interest in the register of deeds that specifically identifies their restrictive covenants, within 2 years of the date of the amendatory act, if the restrictions are more than 40 years old. SB 671was a lame-duck bill that may have drastic consequences for Michigan condominiums and homeowners’ associations in the future. ![]() On December 31, 2018, SB 671 was enacted into law, via 2018 PA 572, in order to amend the Michigan Marketable Record Title Act.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |