§ 36-7-17-7 — Conveyances; methods authorized

(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.
(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.