Current owner or extended searches only show what is of public record. A title search or title report does not determine marketability or insurability of title. If you purchase real estate based on a title search, you are assuming all liability and responsibility of defending the title if contested. Therefore Young’s recommends that you purchase title insurance to fully protect your investment.
Tax lien purchasers must follow the proper steps during the redemption period to keep their tax lien good liens. There must be a title search done on the property in order to identify all those who have a substantial interest in the property. This would include deed owners, contract buyers, those with a future interest in the property, mortgage and other lien holders and judgement holders. Indiana law says that the buyer must notify interested parties within nine (9) months of the tax sale, allowing interested parties the opportunity to redeem the property.
Young’s provides a thirty (30) year search on all tax sale purchases. A certificate of Liability in the amount of $2,500 is provided with each search.
TAX SALE SEARCHES
Warranty Deed – A warranty deed is a document often used in real estate that provides the greatest amount of protection to the purchaser of a property. It pledges or warrants that the owner owns the property free and clear of any outstanding liens, mortgages or other encumbrances against it.
Quitclaim Deed – A quitclaim deed releases a person’s interest in a property without stating the nature of the person’s interest or rights, and with no warranties of that person’s interest or rights, in the property. A quitclaim deed neither states nor guarantees that the person relinquishing their claim to the property had valid ownership, but it does prevent that person (the grantor) from later claiming they have an interest in the property.
Special Warranty Deed – A special warranty deed is a deed to real estate where the seller of the property, known as the grantor, warrants only against anything that occurred during their physical ownership. The grantor does not guarantee against any defects in clear title that existed before they took possession of the property.
Conditional Sales Contract – A conditional sales agreement is a financing arrangement where a buyer takes possession of the real estate, but it’s title and right of repossession remain with the seller until the purchase price is paid in full.
Young’s offers the service of preparing conditional sales contracts related to residential real estate.
7 Common Ways to Hold Title in Indiana
- Sole Ownership – One individual holds title to the property.
- Tenants In Common – Two or more individuals have ownership interest in a property. Each tenant in common has a distinct percentage interest and can sell it at any time. With this type of ownership, there are no rights of survivorship. Upon the death of a tenant in common, their interest in the property is transferred based on a will, estate plan or laws of intestacy.
- Tenancy By The Entirety – Ownership of property between a married couple wherein each spouse has equal rights of ownership. Any decisions regarding the property cannot be made without the other’s participation. Upon the death of a spouse, ownership automatically transfers full title to the surviving spouse.
- Joint Tenancy With Right Of Survivorship – Permits two or more people to hold an undivided interest in the same property. If one tenant dies, the undivided interest is automatically transferred to the surviving tenant.
- Living Trust – The title to property can be held in a living trust. The trustee of the trust has full power to manage the trust property.
- Business Entity – The title to property can be held through a business entity: a partnership, corporation or LLC. Entity documents such as Partnership Agreement, Corporate Articles and Bylaws or an LLC’s Operating Agreement may be requested.
- Transfer On Death Deed – This allows property to automatically be transferred to a new owner when the current individual in title dies, without the need to go through probate. It also gives the current owner retained control over the property, including the right to sale or mortgage the property, without the involvement of the transfer on death grantee.