Indiana Code 24-5-23.5-6. “Real estate transaction”
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Sec. 6. As used in this chapter, “real estate transaction” means a transaction that involves one (1) or both of the following:
(2) The making, refinancing, or consolidation of a mortgage loan.
(1) The sale or lease of any legal or equitable interest in real estate located in Indiana.
Terms Used In Indiana Code 24-5-23.5-6
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
As added by P.L.52-2009, SEC.2.