Indenture Conveyance with Reciprocal Obligations

Importance of  Indenture  Conveyance with Reciprocal Obligations 

When there are two parties involved in a deed in which one party is the seller and the other party is the buyer then the contract mad by both the parties outlining the benefits received by both the parties as well as their obligations is known as the indenture.

The indenture conveyance with reciprocal obligations ensures that the buyer as well as the seller is in a give and take relationship. When the buyer deposits a sum to the seller the seller acknowledges the receipt and hands over the title of the property to the buyer. This arrangement is convenient and can be used for the benefit of the heirs of the person who is no more.

The grantee can benefit from this arrangement to give back the mortgage when the loan amount has been paid back to the grantor. There is reciprocation of obligations between the two parties where both the parties receive something and are also obligated to perform certain action. It is only when all the obligations are taken care of that this arrangement comes to an end.

The grantor as well as the grantee, both have to agree with the terms and conditions of the arrangement and to signify this they both have to sign the deed along with the date. It is also mandatory that the property in question is mentioned with its full details including its location in a detailed manner. The amount that is paid or is to be paid must also find a place in the document wit prominence.

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Indenture; conveyance with reciprocal obligations.

This indenture  made this _________ day of _________[month], _________[year], between _________  [if there are two or more grantors, state the names of each, and if grantors are husband and wife, use words such as “_________ and _________, his wife”], residing at _________ street, city of _________, county of _________, state of _________,  referred to as the grantor, and _________[name of grantee], residing at _________ street, city of _________, county of _________, state of _________,  referred to as the grantee.
The grantor, for and in consideration of _________ dollars, paid by the grantee, receipt acknowledged, grants and conveys  to the grantee, his [her] heirs and assigns forever,  all that parcel of land situated in the city of _________, county of _________, and state of _________, described as follows: _________[excepting and reserving _________].
[To have and to hold it, together with all the hereditaments and appurtenances belonging or in anywise appertaining to the grantee, his [her] heirs and assigns, forever.]
Grantor covenants with grantee as follows:
1. That grantor is seized of the premises in fee simple and has good right to convey them.
2. That grantee shall quietly enjoy the premises.
3. That the premises are free from incumbrances, except _________.
4. That the grantor will execute or procure any further necessary assurance of the title to the premises.
5. That the grantor will forever warrant the title to the premises.
Grantor further covenants and agrees _________[insert any agreements of grantor, other than covenants for title].
Grantee covenants and agrees with grantor that _________[state any agreements of grantee].
[If there are conditions:] This deed is made and accepted on the following conditions [or “conditions precedent” or “conditions subsequent” or both]: _________.
[If there are building restrictions or restrictions as to the use of the land conveyed:] This deed is further made and accepted subject to the following restrictions [which shall run with the land and be binding on the parties and their heirs, executors, administrators and assigns for a period of _________ years]:
1. _________.
2. _________[and so on].
[Insert any other desired provisions.]
[If grantor is married and the spouse has dower or homestead rights, add:] And for the above consideration, I, _________, of _________, spouse of grantor, release to the grantee and his [her] heirs and assigns all my rights of or to both dower and homestead in the granted premises.
In witness, the grantor [or “grantors”] and grantee [or “grantees”] have set their hands [and seals] the day and year first written above.
[Signatures and, if necessary, add seal.]
In the presence of [or “Signed, sealed and delivered in the presence of,” or the like] _________.
[Acknowledgment, if necessary or desired.]