Real Estate Law Update: Extension of Marketable Title Act Deadlines
The Marketable Title Act, MCL 565.103 was amended by Public Act 572 of 2018 to make it easier to eliminate old use restrictions and covenants on real property in Michigan. A key component of Act 572 was that interests, claims, or charges could be preserved and kept effective by filing a notice of claim of interest before March 29, 2021, on a property’s title record. The amendment sets forth what is required to preserve a restriction, or other interests or claims which came into existence before the 20-year period for mineral interests, and the 40-year period for other interests. Specifically, the amendment provides that “an interest, claim, or charge may be preserved and kept effective by filing for record within 2 years after the effective date of the amendatory act that added section 2(2) or during the 20-year period for mineral interests and the 40-year period for other interests, a notice in writing, verified by oath, setting forth the nature of the claim in the manner required by section 5.”
The new requirements that must be contained in a notice of claim of interest, including a requirement to identify the liber and page or other county-assigned unique identifying number of the recorded instrument the claim is founded on, are set forth in MCL 565.105. The Michigan legislature passed Public Act 294 of 2020 extending the deadline for interested parties with interests, claims, or charges in restrictions and covenants on real property in Michigan to file the notice of claim of interest to preserve their rights three years to March 29, 2024. Contact the real estate attorneys with Shinners & Cook, P.C. today to learn how you can preserve your property interests and avoid adverse consequences to your property interest lapsing due to the passage of time.