The Land Sale Contract

Question 1

Marketable title Act

Part 1

Answer 1

Four part:
1. any person with legal capacity to own land in Ohio has an unbroken chain of title of record to any land interest for 40 years or more has a marketable title, as long as the official public record this disclose a conveyance or other title transaction not less than 40 years at the time marketability is to be determined.

Question 2

Marketable Title Act

Part 2

Answer 2

2. interest in land in existence prior to the route of title are null in void unless the conveyance establishing the root of title specifically mentions the interest or proper notice is found within the statutory limit.

•Date of recordation is called the root of title.

Question 3

Marketable Title Act

Part 3

Answer 3

3. Any person claiming an interest in land may preserve her interest by filing a notice within the 40 year period Immediately following the effective date of the root of title of the person whose record title would otherwise be marketable.

Question 4

Marketable Title Act

Part 4

Answer 4

4. It does not matter if the title transaction that purports to preserve the interest would only be discovered an independent chain of title.

Question 5

Time of the Essence

Answer 5

• Case at law: Time is of the essence, even if not specified in contract.
• Case in equity: Time is not of essence, unless specified in contract.

Question 6

Implied Warranty of Habitability

Answer 6

• homebuilder must construct a house in a workman like manner using ordinary care is not an implied warranty but rather a duty imposed by law.
• a home buyer cannot waive the right to enforce the home builder’s duty.