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.
Notes
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