----- Message from "Chuck Augustine" <caugustine@titlesc.com> on Tue, 3 Oct 2006 16:39:53 -0600 -----

To:	<realestate@iabar.org>
Subject:	RE: marketable title in an abstract

(NOTE: selecting Reply in your email program defaults to the entire list)

Although local custom may have some influence, it probably depends
primarily on the terms of the contract.  If what is required is a
conveyance of marketable title of record, then the documents should be
recorded by the city.  Concerning the abstract, again the terms of the
contract would govern.  If the requirement is that the abstract must
reflect marketable title in the seller, then the seller should have the
abstract updated to show as much as is necessary to reflect marketable
title in the seller consistent with Iowa law.  I don't see how the
abstract can show marketable title in the seller without the recording
of the documents.

Charles P. Augustine
DUNAKEY & KLATT, P.C.
531 Commercial Street, Ste. 700
Waterloo, Iowa 50701

-----Original Message-----
From: realestate-owner@iabar.org mailto:realestate-owner@iabar.org On
Behalf Of PHILIP McCORMICK
Sent: Tuesday, October 03, 2006 5:12 PM
To: realestate@iabar.org
Subject: marketable title in an abstract

(NOTE: selecting Reply in your email program defaults to the entire
list)

My client is buying a lot from a city here in Iowa.  The abstract of
title showed the conveyance of the lot to the city.  There is no showing
in the abstract that the city has complied with Chapter
364.7.(resolutions, notice of hearing)    The city has now complied with
Chapter 364.7.   The attorney for the  city has taken the position that
the abstract does not need to show compliance with Chapter 364.7 for the
abstract to show marketable title in the city.   He is also taking he
position that the City does not need to record the resolutions etc.
either, but rather that the delivery of the documents along with the
deed is sufficient.   He is aware of title standard 2.1.

Any thoughts regarding this would be appreciated.

_____________________________
To unsubscribe from this list, send a mail message to
"mailto:listserve@iowabar.org"
with the following in the subject and body of the message:

   unsubscribe realestate
   
 

_____________________________
To unsubscribe from this list, send a mail message to "mailto:listserve@iowabar.org"
with the following in the subject and body of the message:

   unsubscribe realestate