Sec. 5. (a) As used in this section, “real estate transaction” refers to any:

(1) escrow transaction;

Terms Used In Indiana Code 27-7-3.7-5

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
(2) settlement; or

(3) closing;

conducted in connection with the purchase, sale, or financing of an interest in real estate.

     (b) The term does not include a real estate secured loan financing if:

(1) the only parties to the loan transaction are the lender and the borrower; and

(2) the lender is responsible for disbursing all of the funds to the borrower or to a third party in order to pay fees and charges associated with the loan transaction.

As added by P.L.92-2009, SEC.1.

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