Indiana Warranty Deed for Surface with Limited Warranty is a legal document that transfers the ownership of a property's surface rights with certain limitations and warranties. This deed provides protection to the buyer by guaranteeing that the seller holds the title to the property and has the right to transfer it. In Indiana, there are two main types of Warranty Deeds for Surface with Limited Warranty: 1. Indiana Warranty Deed for Surface with Limited Warranty — This type of deed includes a limited warranty in which the seller guarantees that they have not done anything to encumber the title of the property, but does not provide any warranty against defects that might exist prior to their ownership. This means that the buyer may have limited protection against potential title issues. 2. Special Warranty Deed for Surface with Limited Warranty — This type of deed offers similar limited warranty as the standard Warranty Deed for Surface with Limited Warranty. However, the seller only warrants and defends against any claims arising from their period of ownership, excluding any defects or issues that existed prior to their ownership. In other words, the seller's warranty is limited to their own actions or omissions during their ownership period. It is important to note that the Indiana Warranty Deed for Surface with Limited Warranty is commonly used in transactions involving surface rights only, meaning it excludes any mineral or subsurface rights which may be separately owned or leased. When using a Warranty Deed for Surface with Limited Warranty, buyers should conduct thorough due diligence to ensure they are aware of any potential title defects or encumbrances that could affect their ownership of the property. Additionally, it is advisable for buyers to obtain title insurance to further protect their interests in the property. Overall, the Indiana Warranty Deed for Surface with Limited Warranty is designed to provide some level of protection to buyers while acknowledging the limitations in the seller's warranties. It is recommended that parties involved in such transactions seek legal advice to understand the specific terms and implications of this type of deed.
Indiana Warranty Deed for Surface with Limited Warranty
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How to fill out Warranty Deed For Surface With Limited Warranty?
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FAQ
Relates to the past and guarantees grantor ownership. The deed that offers a limited number of warranties is a. general warranty deed.
The quitclaim deed, also called a non-warranty deed, offers the grantee the least amount of protection. This type of deed conveys whatever interest the grantor currently has in the property?if any.
To be valid, each Indiana warranty deed form must meet the requirements of Indiana law. These requirements include valid legal description, statement of consideration, and a description of the manner in which co-owners will hold title, font size and page format requirements, and signature and notarization requirements.
General Warranty Deed ? The General Warranty deed is often referred to simply as a warranty deed. It is a deed conveying title where the seller (grantor) makes six covenants or promises to the buyer (grantee) as part of the conveyance.
An Indiana special warranty deed is similar to a warranty deed in that it guarantees a seller has a title to sell to a buyer, though it only provides a limited guarantee. The guarantee is limited to the grantor's ownership of the property and not any previous ownership.
A special warranty deed or limited warranty deed only guarantees that no title problems occurred during the time the seller has owned the property. That means the previous owner can't be held accountable for creditors' liens or other issues that occurred before they took possession of the home.
Also called a non-warranty deed, a quitclaim deed conveys whatever interest the grantor currently has in the property if any. The grantor only "remises, releases, and quitclaims" their interest in the property to the grantee. There are no warranties or promises regarding the quality of the title.
