What is a Quitclaim Deed in Indiana?
In Indiana, a quitclaim deed is used to transfer property from an owner (“Grantor”) to a new owner (“Grantee”) without any promises or guarantees about the property’s title or condition. Quitclaim deeds are a quick way to transfer property but they offer the lowest security among real estate deeds in Indiana.
The most common use of quitclaim deeds is between parties with high levels of trust, such as family members or close friends.
What is the Difference Between a Quitclaim Deed and a Warranty Deed in Indiana?
The main difference between quitclaim deeds and warranty deeds in Indiana is that a quitclaim deed provides less security to the Grantee.
A warranty deed provides legal protection to the new owner because it confirms that the Grantor owns the property and has the right to make a transfer.
Warranty deeds are used for most real estate transactions in Indiana. Quitclaim deeds, on the other hand, are used for transfers between family and friends.
How Do Quitclaim Deeds Work in Indiana?
Laws surrounding quitclaim deeds are found in Title 32 of the Indiana Code, titled Property.
Indiana laws provide the sample language to be used in a quitclaim deed. It must state that the Grantor intends to “quitclaim” the property to the Grantee.
Once prepared, the quitclaim deed must be filed with the County Recorder’s Office.
Can You Prepare Your Own Quitclaim Deed in Indiana?
You can prepare your own quitclaim deed in Indiana. A professional drafter is not legally required.
The name of the person who prepared the document must be clearly printed on the quitclaim deed along with the statement “This instrument was prepared by…”.
Indiana Quitclaim Deed Requirements
For a quitclaim to be legally valid in Indiana, the deed must follow certain state-specific rules.
Formatting requirements for quitclaim deeds in Indiana include:
- Paper should not exceed legal size (8.5 x 14).
- Font should be a minimum of 10 points.
- Text must be computer-generated or typewritten in black
- Margins must be 2 inches on top and bottom of the first and last page; 0.5 inches on all other sides.
- Pages unnumbered and unbound.
- Paper: 20lb weight, white only.
Content requirements for quitclaim deeds in Indiana include:
- Grantor’s name and address.
- Grantee’s name and address.
- Name and address for future tax statements.
- Social Security Numbers should not be included.
- Granting clause – a statement describing the transfer the parties have agreed to.
- Consideration clause – the value or the amount of money exchanged.
- The Assessor’s parcel ID number.
- The property address.
- Property description.
- Preparer’s Information and Oath.
- Name and address of preparer.
- The following affirmation statement must be included directly below the preparer’s information:
“I affirm, under the penalties of perjury, that I have taken reasonable care to redact each Social Security number in this document, unless required by law.”
Who Signs a Quitclaim Deed in Indiana?
For a quitclaim deed to be legally valid in Indiana, it must be signed by the Grantor.
The Grantor’s signature must be acknowledged before a notary or an authorized officer in the county where the property is located. The names of the signatories on the document must be printed below each signature.
The notarization can be completed online and electronically signed via audio-video communication technology.
How to File a Quitclaim Deed in Indiana
Here’s how to file a quitclaim deed in Indiana:
1. Prepare the quitclaim deed with the information required.
2. File an Indiana Real Estate Sales Disclosure Form if the quitclaim deed is used for residential property sales.
- This form must be filed by the Grantor before the quitclaim deed is recorded.
- The form can also be completed online.
3. Once the quitclaim deed is signed, ensure that it is acknowledged by the Grantor before a notary.
4. File the quitclaim deed, along with the relevant information with the County Recorder’s Office.
How Much Does it Cost to File a Quitclaim Deed in Indiana?
In Indiana, the minimum charges for filing a deed are as follows:
- Fees for recording a deed: $25
- For deeds with pages larger than legal (8.5 x 14): $25 for the first page, $1 for each additional page.
What Taxes Are Owed on Quitclaim Deeds in Indiana?
In Indiana, property transfers, including quitclaim deeds, are not subject to transfer taxes. However, annual real estate taxes may still apply. Moreover, federal taxes such as gift tax and capital gains tax may also be applicable.
How Long Does a Quitclaim Deed Take to be Recorded in Indiana?
The length of time to record a quitclaim deed in Indiana can vary significantly based on county-specific processes, procedures, and population. Typically, it can take anywhere from a few days to a few weeks.
What Happens After a Quitclaim Deed is Recorded in Indiana?
Once a quitclaim deed is filed in Indiana, the transfer of property ownership will be recorded as an official public record. The deed will then be returned to the name and address mentioned in the deed.
How Long Are Quitclaim Deeds Valid For in Indiana?
There is no expiration for quitclaim deeds in Indiana. However, the statute of limitations for breaching a written contract is 10 years..