Indiana Code 8-4.5-5-18. Real property acquisitions

Sec. 18. (a) Real property may be acquired by lease, by easement, or in fee simple.

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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}
Property: includes personal and real property. See Indiana Code 1-1-4-5

(b) If real property is acquired in fee simple, title must be taken in the name of the state.

As added by P.L.40-1995, SEC.3.