Sec. 20. (a) As used in this section, “contract” means an agreement for a seller to sell real estate to a purchaser that provides for the purchaser to pay the purchase price to the seller in periodic installments, with the seller retaining record title to the real estate and the purchaser acquiring equitable title to the real estate.

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Terms Used In Indiana Code 36-2-11-20

  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
     (b) As used in this section, “lease” means a lease of real estate by a lessor to a lessee, over a term that is specified in a written lease agreement in consideration of the lessee’s promise to pay rent to the lessor as also specified in the written lease agreement.

     (c) As used in this section, “lessee” means a tenant that is party to a lease with a lessor.

     (d) As used in this section, “lessor” means an owner of real property or buildings or fixtures situated on real property that enters into a lease with a lessee.

     (e) As used in this section, “real estate” means:

(1) the real property that is subject to the lease or contract; or

(2) buildings or fixtures situated on the real property that are subject to the lease or contract.

     (f) As used in this section, “seller” means an owner of real estate that sells the real estate to a purchaser under a contract.

     (g) A memorandum of a lease or a memorandum of contract may be recorded in lieu of the lease or contract itself if the memorandum is executed and acknowledged by the parties and contains:

(1) the names of the parties;

(2) the term of the lease or contract;

(3) any option of the lessee to renew or extend the term of the lease or of the purchaser to renew or extend the term of the contract; and

(4) the specific legal description of the real estate, or a survey or plot plan authorized under subsection (i) showing the location of the real estate.

     (h) A memorandum recorded under this section may also contain any other agreement made between the parties in the lease or contract.

     (i) A survey or plot plan may be used in lieu of a specific legal description to describe:

(1) any part of a building on the real estate, if the specific legal description of the real property on which the building is located is set forth in the memorandum, survey, or plot plan;

(2) any part of the real estate that is part of a larger tract of land, if the specific legal description of the larger tract is set forth in the memorandum, survey, or plot plan; or

(3) real property of the lessor or seller, if:

(A) its use is restricted by the terms of the lease or contract;

(B) it is located wholly within real property of the lessor or seller; and

(C) the specific legal description of the real property within which it is located is set forth in the memorandum, survey, or plot plan.

     (j) As to the provisions contained in a memorandum recorded under this section, recording the memorandum has the same effect as recording the lease or contract itself.

[Pre-Local Government Recodification Citation: 17-3-49-1.]

As added by Acts 1980, P.L.212, SEC.1. Amended by P.L.127-2017, SEC.83.

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