Designation; conveyance
Sec. 5. (a) Each condominium unit in a building shall be
designated, on the set of floor plans referred to in section 4 of this
chapter, by letter, number, or other appropriate designation.
(b) Any instrument recognized by the state for the conveyance or
transfer of interests in title, which describes the apartment by using
the designation referred to in subsection (a) followed by the words
"in (name) Condominium as recorded in Book _______, p. __, under
the date of ________, _____, of the records of __________ County,
Indiana", is considered to contain a good and sufficient description
for all purposes.
(c) Any conveyance or transfer of interest in title of a
condominium unit is considered also to convey the undivided
interests of the owner in the common areas and facilities, both
general and limited, appertaining to the condominium unit without
specifically or particularly referring to the undivided interests. The:
(1) contents;
(2) form;
(3) method of preparation;
(4) recording of an instrument of conveyance; and
(5) interpretation of an instrument of conveyance;
are governed by the law of Indiana relating to real property.
(d) Each instrument or deed of conveyance also shall include the
following:
(1) A statement of the use for which the condominium unit is
intended.
(2) A statement of the restrictions on the use of the
condominium unit.
(3) The percentage of undivided interest appertaining to the
condominium unit in the common areas and facilities.
(4) The amount of any unpaid current or delinquent assessments
of common expenses.
(5) Any other details and restrictions that:
(A) the grantor and grantee consider desirable; and
(B) are consistent with the declaration.
(e) Failure to make a statement in the deed as required by
subsection (d)(4) does not:
(1) invalidate the title conveyed by the deed; or
(2) absolve a grantee under the deed from liability for any
unpaid current or delinquent assessments of common expenses
against a condominium unit on the date of its conveyance.
(f) Upon the request of a:
(1) condominium unit owner;
(2) prospective grantee;
(3) title insurance company; or
(4) mortgagee;
the secretary or other authorized officer of the association of
co-owners shall provide, within five (5) days of the request, a
statement of the amount of current and delinquent assessments of
common expenses against a particular condominium unit.
As added by P.L.2-2002, SEC.10.
Last modified: May 24, 2006