Indiana Code 36-7-17-8. Conveyances; effect of purchaser’s failure to fulfill agreement; subordination of agency’s interest to financial institutions or persons lending money
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Terms Used In Indiana Code 36-7-17-8
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 8. Before the vesting of a fee simple title in the purchaser, any material failure by the purchaser to carry out the agreement entered into under section 6 of this chapter nullifies the agreement and all right, title, and interest in the property immediately reverts to the agency, except that the agency may grant the purchaser a specified period, not to exceed two (2) years, to come into compliance with the terms of the agreement. The agency may subordinate its interest under the terms of the agreement to financial institutions or persons lending money to the purchaser for the purpose of allowing the purchaser to fulfill the terms of the conveyance.
[Pre-Local Government Recodification Citation: 18-7-21-7.]
As added by Acts 1981, P.L.309, SEC.36.