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Due to this, quitclaim deeds typically are not used in situations where the property involved has an outstanding mortgage. After all, it would be difficult for many grantors to pay off a mortgage without proceeds from the sale of the property.
Statute: Indiana Code § 32-21-1-15: The deed must contain specific language: ?[A.B.] quitclaims to [C.D.] (describe the property here) for the sum of (amount).? The language in a quitclaim deed cannot imply ?grant,? ?warranty,? or ?sale,? as this would create a warranty deed.
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.
A quitclaim deed transfers the title of a property from one person to another, with little to no buyer protection. The grantor, the person giving away the property, gives their current deed to the grantee, the person receiving the property. The title is transferred without any amendments or additions.
A grantor that signs an Indiana warranty deed guarantees that the grantor owns the property, has the undisputed right to convey the property, and will defend the property against all claims?including claims that arose before the grantor owned 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.