Sec. 11. (a) The lessor must hold in
fee simple land on which a
structure is to be erected, acquired, improved, remodeled, or expanded. The lessor must hold in fee simple a structure that is to be acquired, improved, remodeled, or expanded.
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Terms Used In Indiana Code 36-1-10-11
- Appraisal: A determination of property value.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- 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
- Leasing agent: means the board or officer of a political subdivision or agency with the power to lease structures. See Indiana Code 36-1-10-2
- Structure: means :
Indiana Code 36-1-10-2
(1) The leasing agent shall appoint two (2) appraisers to appraise the fair market value of the land or structure.
(2) The appraisers must be professionally engaged in making appraisals or licensed under IC 25-34.1.
(3) The appraisers shall return their appraisal to the leasing agent within two (2) weeks after the date of their appointment.
(4) The leasing agent shall sell the land or structure for not less than the appraised value. However, if the political subdivision or agency acquired the land or structure during the three (3) years preceding the date of the appointment of the appraisers, the land or structure may not be sold for an amount less than the amount paid by the political subdivision or agency for the land or structure.
(5) The leasing agent shall be paid in cash upon the agent’s delivery of the deed.
(6) The leasing agent is not required to comply with any other law relating to the sale of land or structures by a political subdivision.
[Pre-Local Government Recodification Citation: 18-5-3.3-8.]
As added by Acts 1981, P.L.57, SEC.36. Amended by P.L.188-1988, SEC.2.
