Indiana § 36-7-38-14 - Agreements with purchasers, lessees, and other transferees
Full text of Indiana Indiana Code § 36-7-38-14 — Agreements with purchasers, lessees, and other transferees, with citation guidance and answers to common questions.
§ 36-7-38-14. Agreements with purchasers, lessees, and other transferees
Sec. 14. (a) The land bank may, as a condition of the purchase, transfer, or lease, require a person to enter into an agreement that conditions the purchase, transfer, or lease on the person fulfilling one (1) or more of the following terms:
(1) If the property is a dwelling, reside in the real property as the person's principal place of residence for a specified period not to exceed three (3) years.
(2) Bring the property up to minimum code standards in not more than twelve (12) months.
(3) Carry adequate fire and liability insurance on the property at all times.
(4) If the conveyance is to a person to develop the property, cause development of the property within a specified period, not to exceed five (5) years.
(5) Comply with any additional terms, conditions, and requirements as the land bank requires that further the mission of the land bank.
(b) Any material failure of a person to fulfill the agreement described in subsection (a) nullifies the agreement. Upon nullification of the agreement:
(1) the sale, transfer, or lease of the property is void; and
(2) the land bank retains the interest in the property that the land bank possessed before the sale, transfer, or lease.
However, the land bank may grant the person a specified period, not to exceed two (2) years, to come into compliance with the terms of the agreement. The land bank may subordinate its interest under the terms of the agreement to financial institutions or persons lending money to the person for the purpose of allowing the person to fulfill the terms of the sale, transfer, or lease.
As added by P.L.211-2016, SEC.1.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 36-7-38-14
What does Indiana Code § 36-7-38-14 cover?
Section 36-7-38-14 ("Agreements with purchasers, lessees, and other transferees") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 36-7-38-14?
A common citation format is "Indiana Code § 36-7-38-14" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 36-7-38-14 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.