Title Standards Law and Legal Definition
Criteria adopted to evaluate the marketable value of a title is the title standard. Defects in the tile are analyzed by implementing the title standards. Most of the states in the U.S. have adopted title standards through associations of conveyancers and real estate attorneys.
Pursuant to Iowa Land Title Standard 9.8, marketable title is established when an affidavit affirmatively demonstrates the following:
(1) the decedent died intestate at least five years prior;
(2) the estate of the decedent had not been administered upon;
(3) the decedent was survived by the persons named in the affidavit, specifying their relationship to the decedent;
(4) a showing of nonliability for Iowa estate and inheritance taxes; and
(5) a showing of nonliability for federal estate tax. [Flatrock Forest Group, Inc. v. Smith, 2005 Iowa App. LEXIS 435 (Iowa Ct. App. May 25, 2005)]
