876 IAC 2-8-3 - 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 involuntary 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 (3) and subdivision (5) is
Level 1. The competency and instructional level for subdivision (4) is Level 2.
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
description.
(2) The following
methods of describing real estate:
(A) Metes
and bounds.
(B) Government
(rectangular) survey system.
(C)
Reference to recorded plan (lot and block).
(D) Informal reference, e.g., street and
address.
(E) Reference to publicly
recorded documents.
Notes
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