What type of deed should I use to transfer property in Indiana?

The general way to convey real property in Indiana is through a warranty deed. In certain cases, you may also use a quitclaim deed, a deed of trust or a grant deed. Most deeds require the name of the grantor who is the current owner; the grantee (the new owner) as well as the legal property description. The deed must be in writing, notarized and signed by the grantor. All deeds should be recorded with the county where the property is located.

Warranty Deeds

A warranty deed is guarantees that a title is good and marketable without any liens or encumbrances. The following are types of warranty deeds available in Indiana:

• Individual Grantor to Individual Grantee
• Individual Grantor to Two Individual Grantees
• Individual Grantor to Corporation Grantee
• Individual Grantor to Living Trust Grantee
• Two Individual Grantors to Individual Grantee
• Two Individual Grantors to Two Individual Grantees
• Two Individual Grantors to Corporation Grantee
• Two Individual Grantors to Living Trust Grantee
• Corporation Grantor to Individual Grantee
• Corporation Grantor to Two Individual Grantees
• Corporation Grantor to Corporation Grantee
• Living Trust Grantor to Individual Grantee
• Living Trust Grantor to Two Individual Grantees
• Living Trust Grantor to Living Trust Grantee

Some deeds do not convey a warranty with the title. they are considered special or limited warranty deeds. In these cases, the grantor only warrants that there are no title defects during the time he or she owned the property.

Quitclaim Deed

A quitclaim deedconveys the grantor's ownership without any warranties or guarantees that title is good or that the property is free of liens or claims. A quitclaim deed is used mostly in non-sale transactions.

Deed of Trust

Adeed of trust or trust deed transfers title to a trustee, which is usually a trust or title company holding the real property as security for the borrower's loan. Once the loan is paid in full, the title is then transferred to the borrower.If the borrower defaults, the trustee may sell the property at a foreclosure auction and pay the lender the proceeds of the sale.

Grant Deed

A grant deed transfers ownership from the grantor to the grantee. With this deed, the grantor guarantees that the title has not been transferred previously and that no encumbrances attach to the property other than those specified in the deed.

If you are considering a property transfer in Indiana, speak with an experienced real estate attorney to discuss Indiana deed transfers.