Indiana Code 32-21-5-3. “Closing” defined
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Terms Used In Indiana Code 32-21-5-3
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
Sec. 3. As used in this chapter, “closing” means a transfer of an interest described in section 1 of this chapter by a deed, installment sales contract, or lease.
[Pre-2002 Recodification Citation: 24-4.6-2-3.]
As added by P.L.2-2002, SEC.6.