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IC 32-25-5
Chapter 5. Conveyance Procedures
IC 32-25-5-1
First conveyance; satisfaction of liens
Sec. 1. (a) At the time of the first conveyance of each
condominium unit:
(1) every mortgage and other lien affecting the condominium
unit, including the unit's percentage of undivided interest in the
common areas and facilities, must be paid and satisfied of
record; or
(2) the condominium unit being conveyed and the unit's
percentage of undivided interest in the common areas and
facilities must be released from the mortgage or other lien by
partial release.
(b) A partial release under subsection (a)(2) must be recorded.
As added by P.L.2-2002, SEC.10.
IC 32-25-5-2
Unpaid assessments; grantee and grantor jointly and severally
liable
Sec. 2. (a) Except as provided in subsection (b) or (d), in a
voluntary conveyance, the grantee of a condominium unit is jointly
and severally liable with the grantor for all unpaid assessments
against the grantor for the grantor's share of the common expenses
incurred before the grant or conveyance, without prejudice to the
grantee's right to recover from the grantor the amounts of common
expenses paid by the grantee.
(b) The grantee:
(1) is entitled to a statement from the association, manager, or
board of directors setting forth the amount of the unpaid
assessments against the grantor; and
(2) is not liable for, nor shall the condominium unit conveyed be
subject to a lien for, any unpaid assessments against the grantor
in excess of the amount set forth in the statement.
(c) The grantee may obtain the statement of unpaid assessments
described in subsection (b) by making a written request to the
association, manager, or board of directors at:
(1) the last address at which the grantor made a payment of the
assessments; or
(2) the address for the association, manager, or board of
directors as listed in the records of the secretary of state.
(d) If the association, manager, or board of directors does not
provide, by first class or certified mail, a statement of unpaid
assessments not later than ten (10) business days after receipt of the
written request, the:
(1) grantee is not liable for; and
(2) condominium unit conveyed is not subject to a lien for;
any unpaid assessments against the grantor.
Indiana Code 2015
As added by P.L.2-2002, SEC.10. Amended by P.L.94-2014, SEC.7.
Indiana Code 2015
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