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IC 32-17
ARTICLE 17. INTERESTS IN PROPERTY

IC 32-17-1
Chapter 1. Fee Simple Interest

IC 32-17-1-1
“Grantor”
Sec. 1. As used in this chapter, “grantor” means every person by whom an estate or interest in land is:
(1) created;
(2) granted;
(3) bargained;
(4) sold;
(5) conveyed;
(6) transferred; or
(7) assigned.
As added by P.L.2-2002, SEC.2.

IC 32-17-1-2
Fee simple conveyance
Sec. 2. (a) A conveyance of land that is:
(1) worded in substance as “A.B. conveys and warrants to C.D.” (insert a description of the premises) “for the sum of” (insert the consideration); and
(2) dated and signed, sealed, and acknowledged by the grantor;
is a conveyance in fee simple to the grantee and the grantee’s heirs and assigns with a covenant as described in subsection (b).
(b) A conveyance in fee simple under subsection (a) includes a covenant from the grantor for the grantor and the grantor’s heirs and personal representatives that the grantor:
(1) is lawfully seized of the premises;
(2) has good right to convey the premises;
(3) guarantees the quiet possession of the premises;
(4) guarantees that the premises are free from all encumbrances; and
(5) will warrant and defend the title to the premises against all lawful claims.
As added by P.L.2-2002, SEC.2.

IC 32-17-1-3
Estates tail; abolition
Sec. 3. (a) Estates tail are abolished.
(b) An estate that under common law is a fee tail:
(1) is considered a fee simple; and
(2) if the estate is not limited by a valid remainder, is considered a fee simple absolute.
As added by P.L.2-2002, SEC.2.

IC 32-17-1-4

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Lineal and collateral warranties; abolition
Sec. 4. Lineal and collateral warranties with all their incidents are abolished. However, the heirs and devisees of a person who has made a covenant or agreement is answerable upon that covenant or agreement:
(1) to the extent of property descended or devised to the heirs and devisees; and
(2) in the manner prescribed by law.
As added by P.L.2-2002, SEC.2.

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This is what the Attourney Generals office gave me when I called. Can you please translate??

I have been using options to buy and sell properties in my real estate investing business. Do I need a license to sell the option? In regards to my inventory, do I need a license if my inventory is greater than “x” number of properties? Do I have to hold a property if I have purchased it for a certain number of days before selling the property or can I sell it the same day?

Thank you so much for keeping everyone informed of the changes in the Indiana law. The energy you exert into helping people not just in the local area, but around the state, to understand the law so that they can operate their business legally. With these efforts, I am sure that you have helped many avoid legal nightmares. In fact, the Attorney General’s office should give you a medal for making their job so much easier. Thank you so much for all of your hard work. It really is much appreciated.

SM

I looked over your blog and it looks really good. Do you ever do link exchanges on your blog roll? If you do, I’d like to exchange links with you.

Let me know if you’re interested.

Thanks..