Sec. 7. (a) The agency shall convey the real property acquired for the purposes of this chapter to those persons or community organizations qualified under section 6 of this chapter by using the methods prescribed by subsection (b), (c), or (d).

     (b) The real property may be conveyed by a conditional sales contract, with title to remain in the agency for a period of at least one (1) year.

Terms Used In Indiana Code 36-7-17-7

  • 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.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (c) The title to real property may be conveyed to a person purchasing the property as a determinable fee, with the language of the granting clause in the deed of conveyance to include the language “The property is conveyed on the conditions that the purchaser:

(1) will reside in the dwelling as the purchaser’s principal place of residence for a period of not less than three (3) years;

(2) will bring the residence up to minimum code standards in twelve (12) months;

(3) will carry adequate fire and liability insurance on the dwelling at all times; and

(4) will comply with such additional terms, conditions, and requirements as the agency requires before __________ (date of the deed) under IC 36-7-17.”.

     (d) The title to real property may be conveyed to a community organization purchasing the property as a determinable fee, with the language of the granting clause in the deed of conveyance to include the language: “The property is conveyed on the conditions that the purchaser:

(1) will list the property for sale within twelve (12) months of taking possession;

(2) will bring the residence up to minimum code standards within twelve (12) months;

(3) will carry adequate fire and liability insurance on the dwelling at all times; and

(4) will comply with any additional terms, conditions, and requirements as the agency requires before __________ (date of the deed) under IC 36-7-17.”.

[Pre-Local Government Recodification Citation: 18-7-21-6.]

As added by Acts 1981, P.L.309, SEC.36. Amended by P.L.19-1986, SEC.61; P.L.177-2003, SEC.14; P.L.127-2017, SEC.211.

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