Sec. 8. (a) The agency shall convey
real property acquired for the purposes of this chapter to an individual qualified under section 7 of this chapter by using a method prescribed by subsection (b) or (c).
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Terms Used In Indiana Code 36-7-17.1-8
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- rehabilitation loan: refers to a rehabilitation loan (as defined in Indiana Code 36-7-17.1-2
(c) The title to real property may be conveyed as a determinable fee, with the language of the granting clause in the deed of conveyance providing that the real property is conveyed on the conditions that the purchaser:
(1) will apply for and receive a rehabilitation loan with respect to the real property not later than the period prescribed by the director of the agency in the rules and regulations described in section 11 of this chapter; and
(2) will comply with such additional terms, conditions, and requirements as the agency requires under this chapter.
As added by P.L.118-2013, SEC.16.
