INDIANAPOLIS – During the short session of the Indiana Legislature held earlier this year, the Senate made a small change that is going to have a big impact on real estate transactions beginning July 1, 2020.
Indiana Senate Enrolled Act 340 changed Indiana Code 32-21-2-3(a) by replacing “or” with “and”. And, this three-letter change has some pretty big ramifications for escrow and title operations in Indiana.
What does it mean?
Documents could be recorded if they were notarized (and met some other requirements). Documents recorded after July 1, 2020 will require not only notarization, but also a “common law proof” by an uninterested witness in front of a notary. An uninterested witness is a disinterested third party, over the age of 18, who does not have a financial/ownership or contract interest in transaction being notarized. Additionally, the uninterested witness cannot be related to the person or persons involved in the transaction, and is not the buyer, seller, real estate agent, mortgage broker, or family member of the transaction parties.
The new requirements apply to all closings including digital Closings under Indiana’s Remote Online Notarization (RON) statute.
Katz Korin Cunningham has a team of attorneys who focus on real estate law and are available to help you with any questions you may have as well as work with you throughout the transaction process. Learn more at https://kkclegal.com/services/real-estate/ or by calling 317-464-1100.
Katz Korin Cunningham was selected for the 2019 and 2020 “Best Law Firms” rankings by U.S. News & World Report and Best Lawyers. Firms included in “Best Law Firms” are recognized for professional excellence with consistently impressive ratings from clients and peers.
About Katz Korin Cunningham
Katz Korin Cunningham (KKC), offers a complete range of legal services to businesses, entrepreneurs, health care providers and governmental entities. As one of the 15 largest Indianapolis-area law firms, KKC is a leading innovator in business, real estate, labor, employment, health care disputes, insurance, environmental and professional liability law. KKC provides sophisticated and innovative representation of businesses of all sizes, with expanded services in health care and business litigation, health care dispute resolution and regulatory matters involving state and federal governmental agencies. Katz Korin Cunningham is located in downtown Indianapolis in the historic Emelie Building, 334 North Senate Avenue, Indianapolis, IN 46204. To learn more, visit KKCLegal.com.
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