CHAPTER 5. CONVEYANCE PROCEDURES

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 eachcondominium unit:
        (1) every mortgage and other lien affecting the condominiumunit, including the unit's percentage of undivided interest in thecommon areas and facilities, must be paid and satisfied ofrecord; or
        (2) the condominium unit being conveyed and the unit'spercentage of undivided interest in the common areas andfacilities must be released from the mortgage or other lien bypartial 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 severallyliable
    Sec. 2. (a) Except as provided in subsection (b), in a voluntaryconveyance, the grantee of a condominium unit is jointly andseverally liable with the grantor for all unpaid assessments againstthe grantor for the grantor's share of the common expenses incurredbefore the grant or conveyance, without prejudice to the grantee'sright to recover from the grantor the amounts of common expensespaid by the grantee.
    (b) The grantee:
        (1) is entitled to a statement from the manager or board ofdirectors setting forth the amount of the unpaid assessmentsagainst the grantor; and
        (2) is not liable for, nor shall the condominium unit conveyedbe subject to a lien for, any unpaid assessments against thegrantor in excess of the amount set forth in the statement.
As added by P.L.2-2002, SEC.10.