§ 32-28-15-5 — "Residential real estate service agreement"

Indiana § 32-28-15-5

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 28: LIENS ON REAL PROPERTY
• Ch. 15: Prohibition Against Residential Real Estate Service

Text

(a) As used in this chapter, "residential real
estate service agreement" means an agreement:
(1) under which a service provider agrees to provide one (1) or
more services:
(A) in connection with the maintenance, purchase, or sale of
residential real estate; and
(B) that are not to be performed in their entirety within one (1)
year after the agreement is entered into; and
(2) that has one (1) or more of the following characteristics:
(A) The agreement purports to run with the land or to be
binding on future owners of interests in the residential real
estate.
(B) The agreement allows for the assignment of the right to
provide one (1) or more of the services under the agreement
without the consent of the owner of the residential real estate to
the assignment.
(C) The agreement purports to create:
(i) a lien or an encumbrance on; or
(ii) a security interest in;
the residential real estate.
(b) For purposes of sections 8 and 9 of this chapter, the term
includes a:
(1) notice; or
(2) memorandum;
of an agreement described in subsection (a).

Legislative History

As added by P.L.62-2024, SEC.1.