VESTING
- The following tenancy types are recognized: Joint Tenancy(requires express language); Tenancy in Common and Tenancy by the Entirety(presumed)
- The non-titled spouse is not required to sign any security instruments
- Acceptable instruments for transferring ownership on real property: Warranty Deed (sales disclosure form required on conveyances only)
RELEASE
- Acceptable instruments to cancel mortgages: Release
POWER OF ATTORNEY
- Power must be specified and recorded
TAX DUE DATES
- Taxes are due and payable May 10th and November 10th and become delinquent May 11th and November 11th
- Taxes are assessed for the current calendar year; but payable the following year
- Make Checks payable to County Treasurer
- Property taxes become a lien on March 1st
MORTGAGE/TRANSFER TAX
- There is a Mortgage Tax County Intangible Tax on annual unpaid balance of mortgage pursuant to state law paid by lender on an annual return basis.
SECURITY INSTRUMENT RECORDING REQUIREMENTS
- Witnesses are NOT required
- Tax identification is not required to be on the document
- All original signatures must have the name printed or typed beneath signature lines
- Name of the person who prepared the deed must appear at the end of the instrument
- The preparer must be an attorney or the Grantor.(conveyance docs)
- The notary's seal or stamp must be impressed on all documents
WHO MAY SERVE AS TRUSTEE ON DEED OF TRUST
- Individual (Non-resident) ; Individual (Resident); Corporate Fiduciary
STATUTE OF LIMITATIONS
- MORTGAGES - * 21 years from mturity date or, if none, from the date of mortgage
- JUDGMENTS IN FAVOR OF U.S. - 20 years
- JUDGMENT LIENS IN FAVOR OF THE STATE OF INDIANA - 10 years
- ALL OTHER JUDGMENTS - 10 years
- STATE OF INDIANA TAX LIENS - 10 years
- FEDERAL TAX LIENS - 10 years
- ESTATE TAX - *10 years from date of death
- FINANCING STATEMENT - *5 years or release of mortgage
- PERSONAL PROPERTY TAX LIENS - 10 years
- WORKERS COMPENSATION TAX LIENS - 10 years
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Indiana Information
