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What Is a Special Warranty Deed In Indiana?
An Indiana special warranty deed form is a type of deed that provides limited protection to the buyer of real property. With this type of deed, the seller (grantor) guarantees that they have not done anything during their ownership of the property that would invalidate the title, but they do not guarantee that there are no defects or issues with the title prior to their ownership. This is in contrast to a general warranty deed, which provides the buyer with full protection against any defects or issues with the title, both during and prior to the grantor's ownership.
How to Prepare Indiana Special Warranty Deed Form
To write any Indiana special warranty deed forms, the following information should be included:
- The names and addresses of the grantor (seller) and grantee (buyer)
- A legal description of the property being transferred
- A statement that the grantor conveys the property to the grantee with a special warranty of title
- A statement that the grantor guarantees that they have not done anything during their ownership of the property that would invalidate the title but does not guarantee against defects or issues prior to their ownership
- The grantor's signature, along with the signature of one or more witnesses
- The date of execution of the deed
It's important to note that the special warranty deed should be signed and acknowledged before a notary public to make it legally binding. Additionally, it's recommended that you consult a lawyer to verify the accuracy of the form.
How to Get a Warranty Deed In Indiana
To get a warranty deed in Indiana, you will need to follow these steps:
- Identify the property you wish to purchase and ensure it is properly described in the deed.
- Obtain a copy of the Indiana special warranty deed for the property. You can find and fill out this form for free on the PDFliner website.
- Negotiate the terms of the sale with the current owner, including the purchase price and any contingencies that need to be met.
- Have the property's current owner execute a warranty deed, which will transfer ownership to you.
- File the warranty deed with the county recorder's office. This will ensure that the transfer of ownership is properly recorded and that the new deed is a matter of public record.
- Pay any applicable transfer taxes and recording fees.
It's important to note that to execute the warranty deed, the current owner must have clear title to the property, and it's recommended to consult with a lawyer to verify the accuracy of the form and ensure the process is done legally.
Common Uses of Indiana Special Warranty Deed Form
The Special Warranty Deed Indiana form is commonly used in several situations, such as:
- Real estate transactions: The special warranty deed is often used in real estate transactions as a way for the seller to provide limited protection to the buyer against any defects or issues with the title during their ownership.
- Quitclaim Deed alternative: Some sellers may choose to use a special warranty deed instead of a quitclaim deed, which doesn't have any warranties or representations of clear title.
- Business transactions: The special warranty deed may also be used in business transactions, such as the transfer of ownership of a commercial property.
- Short Sales: In a short sale, the lender agrees to accept less than the outstanding balance of the mortgage as full payment in order to avoid foreclosure. A special warranty deed is often used in such situations as a way for the lender to retain some level of protection.
- Probate Sale: In case of probate sale of property, where the property is being transferred from the estate of a deceased person, a special warranty deed is often used as a way for the estate administrator to provide limited protection to the buyer against any defects or issues with the title during the deceased person's ownership.
But you should remember that the special warranty deed has its own limitations and should not be used in all cases. So, it is important to consult with a qualified attorney before deciding to use this form.
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Fillable online Indiana Special Warranty Deed Form