Indiana Warranty Deed for Surface and Mineral Interests with Multiple Granters is a legal document that transfers ownership of both the surface and mineral rights of a property from one party to another. This type of deed provides a guarantee that the granter (the current owner of the property) holds clear and marketable title to both the surface and mineral rights, and that they have the legal authority to transfer these rights to the grantee (the new owner). The Indiana Warranty Deed for Surface and Mineral Interests with Multiple Granters is specifically designed for situations where there are multiple granters involved in the transfer. This occurs when there are multiple owners of the property who collectively want to sell their surface and mineral rights to a single party or multiple parties. In such cases, all co-owners must be identified as granters, and their interests in the property must be clearly defined. One common variation of the Indiana Warranty Deed for Surface and Mineral Interests with Multiple Granters is when there are co-owners with different ownership percentages. This means that the surface and mineral rights are not equally divided among the granters, and their respective interests must be accurately delineated in the deed. The deed will specify the percentage of ownership each granter has and how it affects the transfer of rights to the grantee. Another variation is when there are multiple granters who collectively own undivided interests in the property. Undivided interests mean that each granter possesses an equal or unequal share of the whole property, with no specific boundaries or divisions assigned to each co-owner. In such cases, the deed must clearly state the proportionate undivided interests held by each granter, ensuring a proper transfer of rights to the grantee. It is important to note that while the Indiana Warranty Deed for Surface and Mineral Interests with Multiple Granters provides a guarantee of clear title, it does not guarantee the quantity or quality of the mineral deposits present on the property. The deed solely addresses ownership and transfer of rights. In conclusion, the Indiana Warranty Deed for Surface and Mineral Interests with Multiple Granters is a legal tool used to transfer both surface and mineral rights of a property from multiple owners (granters) to one or more individuals or entities (grantees). It ensures that the transfer is done with clear title, and it can be customized to accommodate various scenarios, such as differing ownership percentages or undivided interests.
Indiana Warranty Deed for Surface and Mineral Interests with Multiple Grantors
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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.
The grantor is generally bound by several covenants, including: The covenant of seizin?the grantor warrants that they own the property and has a legal right to convey it. The covenant against encumbrances?the grantor warrants that the property is free of liens or encumbrances.
General Warranty Deed With this type of deed, the grantor (seller) is certifying to grantee (buyer) that he will defend the title against allegations of defect even those defects allegedly present before the grantor (seller) owned the property.
Special Warranty Deed. Grantor warrants against any defects in title that evolved during his ownership, but nothing else. Quitclaim 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. In other words, the grantor doesn't guarantee against any defects in clear title that existed before they took possession of the property.
The guarantees of a general warranty deed are known as covenants. Traditionally, there are six covenants of title which can be divided into present covenants and future covenants.
A special warranty deed is a type of real estate deed used to transfer property ownership from one person to another. By using this particular deed, the seller is guaranteeing to the buyer that there are no defects or problems with the property title during the time that they owned the property.
Which of the following is TRUE regarding a special warranty deed? The grantor's warranties are limited to the time the grantor owned the property.