A licensed Indiana broker is explaining different deed types to a client who is about to close on a property acquired through a judicial foreclosure sale. The broker wants to make sure the client understands the covenants and limitations associated with each deed type commonly encountered in Indiana real estate transactions. Which of the following is NOT a covenant typically included in an Indiana general warranty deed?
Correct Answer
C) Covenant of redemption, guaranteeing the grantor will repurchase the property if a title defect is discovered
A 'covenant of redemption' is not a recognized covenant in an Indiana general warranty deed. The standard covenants included in a general warranty deed under Indiana conveyancing law are: (1) seisin, (2) right to convey, (3) against encumbrances, (4) quiet enjoyment, (5) warranty (general warranty against all claims), and (6) further assurance. There is no covenant obligating a grantor to repurchase the property upon discovery of a title defect. This fictional covenant conflates the concept of a statutory redemption right in judicial foreclosure (IC 32-30-10) with deed covenants — a common source of confusion for Indiana exam candidates.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
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