Breaking Down Florida's Marketable Record Title Act (MRTA) and Its Implications for Property Buyers
June 29, 2023
The Florida Marketable Record Title Act (MRTA) is a crucial piece of legislation that has large implications for property buyers in the state. It’s important to understand the details of the MRTA in order to navigate the Florida real estate market successfully.
The MRTA was enacted in 1973 as part of the Florida Statutes, and is designed to help simplify land title records. It establishes a system where an owner of a parcel of land is the “exclusive owner” of that land, regardless of any work or improvements made to the land by a previous owner. It also sets a limitation on the length of time that a title to a piece of property can be challenged in court. After 30 years of “uninterrupted and uncontested possession”, a title is considered “marketable”, meaning that it is clear from any potential challenges.
When property buyers consider a piece of property in Florida, they must ensure that the title to the property is marketable in order to be sure that it is free from any potential challenges. This is done by obtaining a title search from a title company or title insurance company. The title search will provide an extensive review of the historical records associated with the property, including any challenges that have been made to the title during the past 30 years.
The MRTA is a complex piece of legislation, and it is important to understand the full implications of the law before purchasing a property in Florida. It ensures that buyers can rest assured that the title to the property is clear and marketable, and that the title is not subject to any potential challenges. This is an important factor to consider when negotiating the purchase of a piece of property, and it is essential to consult with a title company or title insurance company prior to making a purchase.