Indiana Code 32-17-3-1. Husband and wife purchase or lease of real estate; rights of survivor
(1) purchase real estate; or
Terms Used In Indiana Code 32-17-3-1
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
(b) Except as provided in subsection (d), a contract described in subsection (a) creates an estate by the entireties in the husband and wife. The interest of neither party is severable during the marriage.
(c) Upon the death of either party to the marriage, the survivor is considered to have owned the whole of all rights under the contract from its inception.
(d) If:
(1) a contract described in subsection (a) expressly creates a tenancy in common; or
(2) it appears from the tenor of a contract described in subsection (a) that the contract was intended to create a tenancy in common;
the contract shall be construed to create a tenancy in common.
[Pre-2002 Recodification Citation: 32-4-2-1.]
As added by P.L.2-2002, SEC.2.