IN Underwriting Summary

Search/Exam

• Minimum Search Requirements -- Not set by law. Marketable Title Act – 50 years
• Plant or other search restrictions -- No
• Additional Requirements for REO Searches -- No
• Foreclosure Checklist -- N/A
• Special Searches Required (Code, HOA, Utilities)? -- No
• Survey Requirements -- No

UPL

• UPL Hot Button Issues -- Doc Prep

Deeds, power of attorneys, and other legal documents that involve legal consequences of actions must be prepared by an attorney. See State v. Indiana Real Estate Association, Inc. 191 N.E. 2d 711 (1963 Ind.) State of Indiana Ex Rel. Ind. State Bar Ass’n v. Northouse, 848 N.E. 2d 668 (2006 Ind.)

DOI licensee may conduct a “real estate closing” defined as “activities to determine proper execution, acknowledgment and delivery of all conveyances, mortgage documents, and other title instruments necessary to consummate a transaction; activities to ensure consideration has been passed and all proceeds have been properly accepted and properly disbursed or the preparation of settlement or closing statements in connection with a transaction” DOI Bulletin 135.

Witness Requirements

• No witness requirements

Property Tax

Indiana real property taxes are taxed in arrears. Taxes for the current year become a lien as of March 1 of the current year but are not due and payable until the following year. The taxes are due and payable in two installments on May 10 and November 10.

Mortgage/Transfer Tax

None

Spousal Joinder Requirements/Homestead

Indiana does not require a non-title holding spouse to join in a deed or a security instrument. No dower or curtsey, or marital rights laws. Civil union is not recognized.

Time Limitations

• US Judgment Liens -- 20 years, renewable for 20 years
• State Court Judgment Liens -- 10 years
• Federal Tax Liens -- 10 years (+30 days); can be refiled
• State Tax Liens -- 10 years
• Estate Tax Lien -- Federal 10 years
• State Inheritance Tax Liens --
• Mechanics Liens -- 1 year
• Financing Statements -- 5 years
• Mortgages -- 21 years from maturity (if no maturity, 21 years from date of mortgage)
• HOA Liens --
• Condominium assessments --
• Child Support Liens --

Odd Stuff

• A cancellation fee is permitted in Indiana.
• Agent may release mortgage 60 days after payment per Indiana Code 32-29-6-1 et seq. up to original principal amount of $1,000,000. Insurer must record Notice of Authorization in each county Prior notice to mortgagee or the mortgage servicer required 30 days before release.