§ 36-7-17.1-8 — Conveyances; methods authorized

Indiana § 36-7-17.1-8

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 17.1: Alternative Urban Homesteading Program for

Text

(a) The agency shall convey real property
acquired for the purposes of this chapter to an individual qualified
under section 7 of this chapter by using a method prescribed by
subsection (b) or (c).
(b) The real property may be conveyed by a conditional sales
contract, with title to remain in the agency until the individual receives
the rehabilitation loan described in section 7(b)(1) of this chapter,
subject to section 9 of this chapter.
(c) The title to real property may be conveyed as a determinable fee,
with the language of the granting clause in the deed of conveyance
providing that the real property is conveyed on the conditions that the
purchaser:
(1) will apply for and receive a rehabilitation loan with respect to
the real property not later than the period prescribed by the
director of the agency in the rules and regulations described in
section 11 of this chapter; and
(2) will comply with such additional terms, conditions, and
requirements as the agency requires under this chapter.

Legislative History

As added by P.L.118-2013, SEC.16.