Indiana Code 32-25-4-1. Fee simple title; conveyance and encumbrance of condominiums
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Sec. 1. (a) If property is submitted to the condominium, each condominium unit owner is seized of:
(2) the exclusive ownership of; and
(1) the fee simple title to;
Terms Used In Indiana Code 32-25-4-1
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Inter vivos: Transfer of property from one living person to another living person.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) the exclusive possession of;
the owner’s condominium unit and undivided interest in the common areas and facilities.
(b) A condominium unit may be:
(1) individually conveyed;
(2) individually encumbered; and
(3) the subject of:
(A) ownership;
(B) possession;
(C) sale; and
(D) all types of juridic acts inter vivos or causa mortis;
as if the condominium unit were sole and entirely independent of the other condominium units in the building of which the condominium unit forms a part.
(c) Individual titles and interests with respect to condominium units are recordable.
[Pre-2002 Recodification Citation: 32-1-6-5.]
As added by P.L.2-2002, SEC.10.