Indiana Laws Regarding Property Deeds

by Mallory Malesky ; Updated July 27, 2017

Property deeds are used throughout the United States to convey ownership of real property. Most states treat the various types of property deeds in the same way. However, some states impose restrictions on the types of transfers that can be completed using a specific deed. Indiana recognizes warranty deeds and quitclaim deeds as forms of conveyance. Indiana laws for property deeds cover document standards for recording, forms and fees.

Deeds

Warranty deeds and quitclaim deeds are commonly used in Indiana. Warranty deeds should be used when property is sold for a valuable consideration. The warranty deed implies a guarantee from the grantor that he holds a free and clear title to sell. Furthermore, the grantor will be held responsible to defend the title if a claim is made in the future. Quitclaim deeds also function to convey ownership, but do not imply a warranty. When this type of deed is used, the grantor does not promise to hold a free and clear title, but does transfer the interest he has to another party. Quitclaim deeds are generally used to add or remove someone as an owner.

Real Estate Title

Title searchers, or abstractors, research property records to form a title report. This report lists a timeline of transactions that have occurred on the property. Generally, the information consists of the previous owners and the names of any mortgage lenders that were used. The title report may also list names of lien holders, such as taxing authorities. A lien can be placed on property if the owners fail to pay taxes. When a warranty deed is signed, there should be no outstanding liens or issues appearing on the title report.

Recording

In order for a title report to be formed, all real estate documents must be filed with the county recorder. The recorder maintains property deeds, mortgages, liens, power of attorney documents, and other real estate related correspondence. Indiana has a three-step recording process. The Indiana State Sales Disclosure Form must be completed and signed by the seller and buyers. This form is submitted, with a fee, to the county auditor and assessor. Each reviews the form, verifies the property information is correct, and stamps the form with approval. Next, the deed can be submitted to the recorder, where it will be filed with the land records. All deeds submitted for recording should list the correct names and mailing addresses for both the grantor and grantee. Additionally, a tax bill mailing address must be included on the deed. The document should be signed in the presence of a certified notary public.

Taxes

Indiana does not impose real property transfer tax on property deeds. However, the county auditor and assessor charge a fee to process the sales disclosure form. This fee is generally $15 for both. Real property taxes are applicable in Indiana, however. This is why the mailing address of the tax-bill recipient is necessary on the deed. Property tax rates are based on the assessed value of the home, determined by the county assessors. In Indiana, most property tax bills are due in May and November.

Video of the Day

Brought to you by

References

Cite this Article | raiffeisen-cards.ru A tool to create a citation to reference this article Cite this Article

Related pages


format of comparative balance sheetactivate suntrust debit card onlineprofit sharing vs 401kis fed med ee tax deductiblecan i file taxes without a w2what does no owner financing meanhow to calculate total assets turnoverat&t gophone refill onlinescholarships for catholic high schoolshow to make a coin counterwhat is a grant deed in californiahow to apply for charity care in njdividend growth model definitionconcealed carry permit mississippiopen interest vs volumecar lease early termination401k tax formaccrual vs payablespecial circumstances financial aid letter examplega pell grantcredit cards rebuild creditaetna ppo vs dmobenefits of rotc in collegecashing lottery ticketsmaximum cash out refinancehow to avoid probate in californiacontribution margin graphcook county recording feesoffice furniture donations to nonprofitsnew jersey charitiesforeclosure relocation assistance programhow to calculate federal income tax withheld from paychecktlc meaning in real estatewhats a vagina doctor calledwhats nysevehicle depreciation tax deductionaverage salary for garbage truck drivercar insurance for salvage titlefederal tax intercept programmetlife growth plus account1040 schedule e instructionswhat can you buy with calfreshebt gapay raise calculator percentagegreen dot reload card locationsletter asking for donation for charitymy hecs debtwhat does it mean when your tax refund is acceptedjudgement for credit card debtpepsico current stock pricewhat does a crossed cheque meanco-executors of a willplaces to cash moneygram money ordershow much are us savings bonds worthhow to check if western union money order was cashedcalculate annual income from hourly wageminors filing taxessep ira eligible employeeswift code definitionirs 1065 schedule k 1goodwill refrigeratorwhat is the loan origination feew9 taxes calculatordonation station san antoniocheck edusave balanceproperty tax for vacant landstatic budget vs flexible budget9k gold filled meaningpaypal to greendotvanilla visa on amazontexas gold card income requirementshow does a dui affect car insuranceschwab cash on holdagi from w2reload moneypak with credit cardhow to calculate a mortgage payment manuallyuniversal orlando meal planwhat does fico stand for