Sec. 10. A
closing agent may advance an amount not to exceed five hundred dollars ($500) from an
escrow account on behalf of a party to an
escrow transaction for the purpose of paying incidental fees, including conveyance and recording fees. Incidental fees may be paid in order to:
(1) effect and close the sale of;
Terms Used In Indiana Code 27-7-3.7-10
- 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 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
- 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
(3) exchange;
(4) transfer;
(5) encumber; or
(6) lease;
real property that is the subject of the escrow transaction.
As added by P.L.92-2009, SEC.1.
