876 Ind. Admin. Code 2-12-3

Current through December 25, 2024

Section 876 IAC 2-12-3 - Transfer of title to real property

Authority: IC 25-34.1-2-5

Affected: IC 25-34.1-5

Sec. 3.

(a) The competency and instructional level for subdivisions (1) through (4) is Level 1. The following are concepts of methods of transferring title:

(1) By descent (interstate succession).

(2) By will.

(3) By voluntary alienation (deed). (Cover in greater depth under subsection (b).)

(4) By voluntary alienation as follows:

(A) Lien foreclosure sale.

(B) Adverse possession.

(C) Escheat.

(D) Eminent domain (condemnation).

(b) The competency and instructional level for subdivisions (1) through (2) is Level 2. The competency and instructional level for subdivision (2)(B) is Level 1. The following are concepts of deeds:

(1) Essential elements of a valid deed.

(2) The following types of deeds (purpose and characteristics of each):

(A) The following types most commonly used in Indiana (Use sample deed form for illustration.):

(i) General warranty deed.

(ii) Special warranty deed.

(iii) Quit claim deed.

(B) Special purpose deeds.

(c) The competency and instructional level for subdivisions (1) through (4) is Level 2. The competency and instructional level for subdivision (5) is Level 1. The following are concepts of title assurance:

(1) Title examination procedures. (If possible, take students on tour of courthouse to view records.)

(2) Title insurance including the following:

(A) Purpose.

(B) The following types of policies:

(i) Owner's policies.

(ii) Mortgagee's (lender's) policy.

(C) Policy coverage.

(D) Cost and procurement.

(3) Abstract of title.

(4) Title recordation including the following:

(A) Purpose.

(B) Documents required to be recorded.

(C) Recording contracts.

(D) Requirements for recordation.

(E) Procedures.

(5) Covenants of title in deeds.

(d) The competency and instructional level for subdivisions (1) through (2) is Level 2. The following are concepts of property description:

(1) Adequacy of descriptions.

(2) Methods of describing real estate including the following:

(A) Metes and bounds.

(B) Government (rectangular) survey system.

(C) Reference to recorded plat (lot and block).

(D) Informal reference, i.e., street address.

(E) Reference to publicly recorded documents.

876 IAC 2-12-3

Indiana Real Estate Commission; 876 IAC 2-12-3; filed Dec 1, 1989, 5:00 p.m.: 13 IR 658; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA