Indiana Warranty Deed for Surface and Mineral Interests
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How to fill out Warranty Deed For Surface And Mineral Interests?
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FAQ
In the United States, landowners possess both surface and mineral rights unless they choose to sell the mineral rights to someone else. Once mineral rights have been sold, the original owner retains only the rights to the land surface, while the second party may exploit the underground resources in any way they choose.
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 guarantees that the grantor owns and can sell the property. To the best of their knowledge, they are the owner of the property.
Transferring Indiana real estate usually involves four steps: Locate the prior deed to the property. ... Create the new deed. ... Sign the new deed. ... Record the original deed.
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.
3) Indiana Mineral Lapse Act ? Termination of Unused Estates Under the Act, mineral interests are automatically terminated if they go unused by the owner for a period of 20 years, although the owner can save its interest from terminating by filing a statement of claim to the interest with the county recorder.
A warranty deed makes a promise to the buyer that the seller has good title to the property. A quitclaim deed, on the other hand, makes no promises. A quitclaim deed just says; whatever interest I have in this property, I give to you.
Warranty Deed? Transfers title of real property with promises (warrants and guarantees) that the grantor holds legal title. Quitclaim Deed? Transfers only those interests in the real property actually held by the grantor with no promises that anything is being transferred.