State Codes and Statutes
Statutes > Indiana > Title32 > Ar25 > Ch5
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), 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 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.
As added by P.L.2-2002, SEC.10.
