Terms Used In Indiana Code > Title 32 > Article 21
- ADM: has the meaning set forth in IC 20-18-2-2. See Indiana Code 5-1-11.5-1
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- agent: means a real estate agent or other person acting on behalf of the owner or transferee of real estate or acting as a limited agent. See Indiana Code 32-21-6-1
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- bonds: as used in this chapter means any obligations issued by or in the name of any of the political subdivisions or bodies referred to in subsection (a), except obligations payable in the year in which they are issued, obligations issued in anticipation of the collection of delinquent taxes, and obligations issued in anticipation of the collection of frozen bank deposits. See Indiana Code 5-1-11-1
- bonds: means any bonds, notes, or other evidences of indebtedness, whether payable from property taxes, other taxes, revenues, fees, or any other source. See Indiana Code 5-1-11.5-2
- buyer: means a transferee in a transaction described in section 1 of this chapter. See Indiana Code 32-21-5-2
- Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
- closing: means a transfer of an interest described in section 1 of this chapter by a deed, installment sales contract, or lease. See Indiana Code 32-21-5-3
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Contract: A legal written agreement that becomes binding when signed.
- conveyance: means :
Indiana Code 32-21-3-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- disclosure form: refers to a disclosure form prepared under section 8 of this chapter or a disclosure form that meets the requirements of section 8 of this chapter. See Indiana Code 32-21-5-5
- document: means information that is:
Indiana Code 32-21-2.5-1
- electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Indiana Code 32-21-2.5-2
- electronic signature: means an electronic sound, symbol, or process attached to or logically associated with a document and executed or adopted by a person with the intent to sign the document. See Indiana Code 32-21-2.5-4
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Executor: A male person named in a will to carry out the decedent
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Felony: A crime carrying a penalty of more than a year in prison.
- Fiduciary: A trustee, executor, or administrator.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Grantor: The person who establishes a trust and places property into it.
- grantor: has the meaning set forth in IC 32-17-1-1. See Indiana Code 32-21-2-1
- grantor: has the meaning set forth in IC 32-17-1-1. See Indiana Code 32-21-3-2
- homeowners association: means a corporation or another entity that:
Indiana Code 32-21-2-1.2
- industrialized residential structure: means a structure that is:
Indiana Code 32-21-12-1
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- limited agent: means an agent who, with the written and informed consent of all parties to a real estate transaction, is engaged by both the seller and buyer or both the landlord and tenant. See Indiana Code 32-21-6-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- owner: means the owner of residential real estate that is for sale, exchange, lease with an option to buy, or sale under an installment contract. See Indiana Code 32-21-5-6
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: means an individual, a corporation, a business trust, an estate, a trust, a partnership, a limited liability company, an association, a joint venture, a public corporation, a government or a governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Indiana Code 32-21-2.5-5
- person: includes a person who may be married; and
Indiana Code 32-21-10-1
- persons: includes persons who may be married to each other. See Indiana Code 32-21-10-1
- Population: has the meaning set forth in IC 1-1-3. See Indiana Code 1-1-4-5
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- psychologically affected property: includes real estate or a dwelling that is for sale, rent, or lease and to which one (1) or more of the following facts or a reasonable suspicion of facts apply:
Indiana Code 32-21-6-3
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- rules: refers to any of the following:
Indiana Code 32-21-13-2
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- state: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Indiana Code 32-21-2.5-6
- Statute: A law passed by a legislature.
- Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
- 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
- tract: means an area of land that is:
Indiana Code 32-21-2-2
- Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
- transfer: means the transfer of an interest in real property located in Indiana by:
Indiana Code 32-21-14-1
- transfer fee: means a fee or charge that:
Indiana Code 32-21-14-2
- transfer fee covenant: means a declaration or covenant, however denominated and regardless of whether it is recorded, that:
Indiana Code 32-21-14-3
- transferee: means a purchaser, tenant, lessee, prospective purchaser, prospective tenant, or prospective lessee of the real estate or dwelling. See Indiana Code 32-21-6-4
- Trustee: A person or institution holding and administering property in trust.
- Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5