(1) Subject to subsections (2) and (3), after the commencement of this Chapter, a period of at least 15 years commencing with a good root of title is the period for proof of title which the purchaser may require.

(2) Where the title originates with a fee farm grant or lease, subsection (1) does not prevent the purchaser from requiring production of the fee farm grant or lease.

(3) Subsection (1) takes effect subject to the terms of the contract for the sale or other disposition of the land.