Like a will, the Indiana Transfer-on-Death Deed allows conveying real property to another person, several individuals, or entities after the grantor’s death. Indiana is one of the states that has adopted the idea of transfer-on-death (TOD) deeds.
As a document that ensures the inheritance procedure, a TOD covenant has several advantages over will forms. The main difference lies in the absence of probate procedures to validate the transfer-on-death deed form. Indiana laws restrict the amount of non-probate property transfers unless the granted estate is conveyed via TOD agreements. Transfer-on-death covenants also support tax benefits and ensure that the real estate won’t be assigned to the government once the inevitable happens.
The grantor may decide to amend the transfer-on-death covenant. Any adjustments, including revocation, are allowed with no restrictions and fees. The real estate owner remains eligible for any federal and state tax privileges. Learn more about deed forms in our comprehensive guide.
Transfer-on-death covenants are regulated by Section 32-17-14 of the Indiana Code. Unlike other states, Indiana provides guarantees as to the title. Still, several conditions must be met when creating a TOD deed agreement in the state.
Any transfer-on-death form must be verified by the grantor and acknowledged by a notary public. Alternatively to notarization, the deed can be proved by a judge, a clerk of a court of record, a county recorder, or the mayor of the city where the property is located. Indiana provides many options as to deed verification. All alternatives are listed in § 32-21-2-3 of the state Code.
Under Section 14-11 (1-2), Title 32 of the Indiana Code, the transfer-on-death deeds must be served to and registered at the recorder of deeds office in the same area where the property is situated before the grantor’s death. Otherwise, the document is deemed invalid.
In Indiana, any TOD covenant should be filed along with the Real Estate Sales Disclosure Form. The paperwork is needed to specify the grantee(s), the grantor, and the real estate value, as stated in the TOD deed. The disclosure should be prepared before filing the TOD covenant. All related questions can be addressed to the recorder’s office where the property is located and where the deed will be recorded.
To qualify for all the benefits that a TOD deed can offer, you need to execute the document in clear language, making it evident that the covenant is not a lifetime conveyance. The agreement must also include the estate’s legal description. As a rule, the documents should be either typed or printed in black ink.
Indiana allows using either typewritten or computer-printed agreements. Begin creating the required TOD deed template using our online tools. You can generate and fill out the correct PDF form instantly. Follow the guide below to include all inherent data.
1. Identify the Grantee(s)
At the top of the TOD covenant template, write the identities of the person(s) receiving the real property. Submit their legal names, living addresses, and contact phone numbers.
2. Identify the Grantor(s)
Enter the grantor’s legal name, county, and state of residence. If completed jointly, the grantor should also include the spouse’s name as the co-grantor.
3. List the Inheritors
Following the grantor’s section, the preparer should once again name the person(s) who inherit the real property. Include the inheritors’ names, county, and state of residency.
4. Describe the Real Property
Provide the property’s short description by entering the county of location. Then, select one of the alternatives: either use Exhibit A to submit the estate’s legal description or fill out the box below the variant “Legal Description.” You must also indicate the last instrument number, containing ten characters, book, and the page number.
5. Specify the Death of Beneficiary Section
Should the grantee(s) die before the grantor(s), the preparer should define who should receive the real estate. Choose one of the three options and check the preferred option.
6. Collect the Grantor’s Signature
Authenticate the TOD covenant by appending your signature, as the grantor, and your spouse’s signature (if filled out jointly). Also, write the date and the printed name(s).
7. Certify the Paperwork with a Notary Public
Ensure you sign the document in the presence of a notary public to verify it.
8. Specify the Return Address
Identify the person who will receive the deed once it is recorded. Remember to specify the receiver’s living address and contact phone number.
9. Acknowledge the Affirmation Statement
Any Indiana TOD covenant must contain an affirmation statement provided by the grantor. Read the warning carefully and append your signature if everything is correct.
10. Introduce the Preparer (If Completed by a Third Party)
If you hire a third party to prepare the TOD covenant, submit their business data, including the name, contact phone number, and signature.
11. Serve the Form
Once tailored, the form should be filed with the recorder of deeds office in the same district where the estate is situated.