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Indiana Code Title 36. Local Government § 36-7-17-7

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 7. (a) The agency shall convey the real property acquired for the purposes of this chapter to those persons or community organizations qualified under section 6 of this chapter by using the methods prescribed by subsection (b), (c), or (d).

(b) The real property may be conveyed by a conditional sales contract, with title to remain in the agency for a period of at least one (1) year.

(c) The title to real property may be conveyed to a person purchasing the property as a determinable fee, with the language of the granting clause in the deed of conveyance to include the language “The property is conveyed on the conditions that the purchaser:

(1) will reside in the dwelling as the purchaser's principal place of residence for a period of not less than three (3) years;

(2) will bring the residence up to minimum code standards in twelve (12) months;

(3) will carry adequate fire and liability insurance on the dwelling at all times;  and

(4) will comply with such additional terms, conditions, and requirements as the agency requires before __________ (date of the deed) under IC 36-7-17.”.

(d) The title to real property may be conveyed to a community organization purchasing the property as a determinable fee, with the language of the granting clause in the deed of conveyance to include the language:  “The property is conveyed on the conditions that the purchaser:

(1) will list the property for sale within twelve (12) months of taking possession;

(2) will bring the residence up to minimum code standards within twelve (12) months;

(3) will carry adequate fire and liability insurance on the dwelling at all times;  and

(4) will comply with any additional terms, conditions, and requirements as the agency requires before __________ (date of the deed) under IC 36-7-17.”.

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Cite this article: FindLaw.com - Indiana Code Title 36. Local Government § 36-7-17-7 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-36-local-government/in-code-sect-36-7-17-7/

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