Search results
- In Indiana, real estate can be transferred via a TOD deed, which allows a property owner to designate a beneficiary who will automatically inherit the property upon the owner's death, avoiding probate.
Transferring a title. Why is transferring title to real estate different from other ownership transfers, such as the transfer of title to a car? Land is permanent, although land usage can change over time. A landowner can transfer various rights from the title, such as mineral, water or utility rights while still maintaining title to the property.
May 17, 2023 · Transferring Indiana real estate usually involves four steps: Locate the prior deed to the property. The prior deed is the best source of important legal information, including how owner’s names are worded, the manner in which joint owners hold title, and a legal description of the property.
The following are concepts of methods of transferring title: (1) By descent (interstate succession). (2) By will. (3) By voluntary alienation (deed). (Cover in greater depth under subsection (b).) (4) By voluntary alienation as follows: (A) Lien foreclosure sale. (B) Adverse possession. (C) Escheat.
Yes, real estate agents are allowed to act as escrow agents in Indiana, but there are guidelines for doing so. A real estate agent who acts as an escrow agent must comply with the rules and regulations set forth by the Indiana Real Estate Commission and the Indiana State Board of Accountancy.
- Types of Deeds: A Quick Overview
- Quitclaim Deed
- Gift Deed
- Warranty Deed
- Grant Deed
- Mortgage Deed
- Deed of Trust
- Survivorship Deed
- Bargain and Sale Deed
- Contract For Deed
There are several types of deeds used in the US for real estate transactions. Here’s a breakdown of some common ones:: 1. Quitclaim Deed 2. Gift Deed 3. Survivorship Deed 4. Warranty Deed 5. Grant Deed 6. Bargain and Sale Deed 7. Mortgage Deed 8. Deed of Trust 9. Contract for Deed If you are still determining which type of deed you need, below is a...
Complexity Level: Basic Grantee Protection: Low Commonly used in: Property transfers between family members or divorced spouses; Correcting titles In a quitclaim deed, the grantor “quits” any claim to the property and simply passes it to the grantee. It only transfers whatever interest the grantor has in the property and does not guarantee the gran...
Complexity: Intermediate Grantee Protection: Low Commonly used in: Property transfers to loved ones or charities A Gift Deed, or a Deed of gift, allows the grantor to transfer money or property as a gift without receiving consideration (money) in return. They are commonly seen in estate planning. Similar to a quitclaim deed, the grantor with a gift...
Complexity: Intermediate Grantee Protection: High Commonly used in: Real estate transactions A warranty deed assures that the grantor has clear titleto a parcel of real estate and has the full legal right to transfer (sell) it to the grantee. It also guarantees that the property is free and clear of any claims, debts, liens, or other encumbrances. ...
Complexity: Intermediate Grantee Protection: Medium Commonly used in: Tax or foreclosure sales A grant deed guarantees that: 1. The grantor hasn’t previously transferred the property to someone else, and 2. The property wasn’t burdened with debts or legal claims while under the grantor’s ownership, except for those specifically mentioned in the dee...
Complexity: High Grantee Protection: Medium Commonly used in: Loans with real property as collateral A mortgage deedis a document signed between a homeowner and a bank or lending institution to secure a loan. More specifically, it secures the property as collateral for a loan — meaning a “mortgage payment” is paid towards a loan debt, with the hous...
Complexity: High Grantee Protection: Medium Commonly used in: Mortgage scenarios in real estate transactions A deed of trust, also known as a trust deed, establishes a legal arrangement involving a borrower, lender, and trustee (typically a title company). In this arrangement, the trustee holds the property title in trust for the lender until the b...
Complexity: Intermediate Grantee Protection: Low Commonly used in: Leaving property to surviving spouse or family member A survivorship deed allows co-owners of real estate to automatically transfer a deceased owner’s shareto the surviving owner(s). It can help avoid the probate process after the death of a joint property owner, as the property aut...
Complexity: Basic Grantee Protection: Low Commonly used in: Foreclosure, tax sales, or estate settlements A bargain and sale deed includes a warranty that the grantor owns the property but doesn’t guarantee against claims or liens. It does not protect the grantee against title-related problems that may arise after the transfer. The grantee assumes ...
Complexity: High Grantee Protection: Medium Commonly used in: Seller financing scenarios where the buyer pays in installments A contract for deed (also known as an installment land contract, a land contract, or a land sales contract) is a type of unique real estate agreement where the seller essentially finances the buyer’s purchase of the property...
May 7, 2024 · 1. Decide on the type of deed. There are a few kinds of deeds. Each can transfer property. But they differ in the amount of protection that they give the buyer. Warranty Deed. With this deed, the seller guarantees that he or she owns the property being transferred. [1] . X Research source.
- 59.1K
People also ask
How do I transfer a property in Indiana?
How do I transfer a deed?
How much does a transfer on Death Deed cost in Indiana?
Can a property owner transfer ownership after a death in Indiana?
How to transfer real estate?
Can a deed convey property to multiple grantees in Indiana?
Jul 1, 2024 · Starting July 1, 2024, all Indiana counties will implement new requirements for the Transfer on Death Deed (TODD). This legislative update mandates specific procedures and introduces the option of a $10 parcel fee for endorsements by county auditors.
