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 […]
Sec. 2. A condominium unit may be held and owned by two (2) or more persons: (1) as joint tenants; (2) as tenants in common; (3) as tenants by the entirety; or (4) in any other real property tenancy relationship recognized under the law of the state. [Pre-2002 Recodification Citation: 32-1-6-6.] As added by P.L.2-2002, […]
Sec. 3. (a) Each condominium unit owner is entitled to an undivided interest in the common areas and facilities as designated in the declaration. Except as provided in subsection (b), the undivided interest must be expressed as a percentage interest based on: (1) the size of the unit in relation to the size of all […]
Sec. 3.5. (a) This section applies only to a condominium located on the shore of a lake located in a township with a population of more than two thousand (2,000) and less than two thousand seven hundred eighty (2,780) located in a county having a population of more than forty-six thousand (46,000) and less than […]
Sec. 4. (a) Except as provided in subsection (d) or (e), the co-owners are bound to contribute pro rata, in the percentages computed under section 3 of this chapter, toward: (1) the expenses of administration and of maintenance and repair of the general common areas and facilities and, in the proper case, of the limited […]
