§ 27-7-3.7-1 “Closing agent”
§ 27-7-3.7-2 “Escrow account”
§ 27-7-3.7-3 “Escrow transaction”
§ 27-7-3.7-4 “Good funds”
§ 27-7-3.7-5 “Real estate transaction”
§ 27-7-3.7-6 Funds received in escrow transaction to be deposited in escrow account; exception
§ 27-7-3.7-7 Disbursements; requirements for funds of at least $10,000 received from single party
§ 27-7-3.7-8 Disbursements; requirements for funds less than $10,000 received from single party
§ 27-7-3.7-9 Mortgage holder’s right to receive proceeds from real estate transaction through funds electronically transferred to specified account
§ 27-7-3.7-10 Advance of fees from escrow account to pay incidental fees
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Terms Used In Indiana Code > Title 27 > Article 7 > Chapter 3.7 - Escrow Transactions in Real Estate Transactions

  • closing agent: means a person that:

    Indiana Code 27-7-3.7-1

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • escrow account: means a checking account established by a closing agent with a:

    Indiana Code 27-7-3.7-2

  • escrow transaction: means a transaction in which a person deposits with a closing agent funds that are to be held until:

    Indiana Code 27-7-3.7-3

  • good funds: means funds in any of the following forms:

    Indiana Code 27-7-3.7-4

  • in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
  • 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
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5