Indiana Code 32-25-5-1. First conveyance; satisfaction of liens
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Sec. 1. (a) At the time of the first conveyance of each condominium unit:
(2) the condominium unit being conveyed and the unit’s percentage of undivided interest in the common areas and facilities must be released from the mortgage or other lien by partial release.
(1) every mortgage and other lien affecting the condominium unit, including the unit’s percentage of undivided interest in the common areas and facilities, must be paid and satisfied of record; or
Terms Used In Indiana Code 32-25-5-1
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(b) A partial release under subsection (a)(2) must be recorded.
[Pre-2002 Recodification Citation: 32-1-6-16.]
As added by P.L.2-2002, SEC.10.