November 24, 2019
Deeds transfer ownership of real property in Indiana. During the transfer of property, deeds come under scrutiny. An inaccurate or incomplete deed can expose parties to liability and interfere with the conveyance of property. A real estate lawyer in Indiana can help prepare a deed that meets your goals and protects your interests.
Types of Deeds
Property owners in Indiana have several types of deeds available to them. The majority of property transactions use the warranty deed. A warranty deed declares that the title is marketable and the grantor, or seller, bears the responsibility of defending the title from third-party claims when signing over the deed to the grantee, or buyer. An attorney at Webster & Garino can advise you if any irregularities appear on a title report for Westfield Indiana real estate.
Quitclaim and special or limited warranty deeds do not provide a full guarantee to the grantee regarding the status of the title. A limited warranty deed will offer a partial guarantee that the grantor has not identified any title defects while owning the property. A quitclaim deed does not provide any assurances about the title, but this type of deed is most often used for non-sale transfers between spouses or relatives. A real estate lawyer in Indiana can recommend an appropriate type of deed for your situation.
When two or more people buy Westfield Indiana real estate, they must consider how the deed will describe their tenancy. Their options are declaring themselves to be joint tenants or tenants in common. This choice guides what happens when a co-owner dies. Joint tenancy enables the automatic transfer of the decedent’s share of ownership to the other owners. Tenancy in common differs in that the decedent’s ownership interest passes to heirs who might not be the other co-owners. You will resolve uncertainty about how to approach this choice by consulting a Westfield real estate attorney.
Using Deed in Your Estate Plan
Since a deed affects the transfer of real property, deeds can also be used as part of your Indiana estate plan. A Joint Tenancy with Rights of Survivorship will avoid probate and transfer property to the surviving owner. If you own Indiana real estate with your spouse, by simply designating your ownership as “husband and wife” will avoid probate and transfer the property to the surviving spouse. A Transfer on Death Deed allows an individual to designate beneficiaries on the deed, so the property will pass to the named beneficiaries and avoid probate.
If any money exchanged hands for the transfer of the property, then you will need to complete an Indiana State Sales Disclosure Form and file the form and deed with the applicable county recorder. Recording at the correct county recorder’s office is essential for maintaining the deed as an official record. An Indiana real estate attorney will review this document and correct errors that will confuse the legitimacy of the deed in the future.
Talk to Us at Webster & Garino
The representation of a real estate lawyer in Indiana can prevent costly or inconvenient disputes during or after the sale of the property. Contact our Westfield real estate attorneys today for guidance on a real estate transaction.