Indiana § 32-25-4-1 - Fee simple title; conveyance and encumbrance of condominiums

§ 32-25-4-1. Fee simple title; conveyance and encumbrance of condominiums

Sec. 1. (a) If property is submitted to the condominium, each condominium unit owner is seized of:

(1) the fee simple title to;

(2) the exclusive ownership of; and

(3) the exclusive possession of;

the owner's condominium unit and undivided interest in the common areas and facilities.

(b) A condominium unit may be:

(1) individually conveyed;

(2) individually encumbered; and

(3) the subject of:

(A) ownership;

(B) possession;

(C) sale; and

(D) all types of juridic acts inter vivos or causa mortis;

as if the condominium unit were sole and entirely independent of the other condominium units in the building of which the condominium unit forms a part.

(c) Individual titles and interests with respect to condominium units are recordable.

[Pre-2002 Recodification Citation: 32-1-6-5.]

As added by P.L.2-2002, SEC.10.