Conveyances; methods authorized

Sec. 7. (a) The agency shall convey the real property acquired for the purposes of this chapter to those persons or community organizations qualified under section 6 of this chapter by using the methods prescribed by subsection (b), (c), or (d). (b) The real property may be conveyed by a conditional sales contract, with title to remain in the agency for a period of at least one (1) year. (c) The title to real property may be conveyed to a person purchasing the property as a determinable fee, with the language of the granting clause in the deed of conveyance to include the language "The property is conveyed on the conditions that the purchaser: (1) will reside in the dwelling as the purchaser's principal place of residence for a period of not less than three (3) years; (2) will bring the residence up to minimum code standards in twelve (12) months; (3) will carry adequate fire and liability insurance on the dwelling at all times; and (4) will comply with such additional terms, conditions, and requirements as the agency requires before __________ (date of the deed) under IC 36-7-17.". (d) The title to real property may be conveyed to a community organization purchasing the property as a determinable fee, with the language of the granting clause in the deed of conveyance to include the language: "The property is conveyed on the conditions that the purchaser: (1) will list the property for sale within twelve (12) months of taking possession; (2) will bring the residence up to minimum code standards within twelve (12) months; (3) will carry adequate fire and liability insurance on the dwelling at all times; and (4) will comply with any additional terms, conditions, and requirements as the agency requires before __________ (date of the deed) under IC 36-7-17.".