Property Ownership
Indiana's common interest community laws (governing HOAs, condos, and PUDs) generally require the association to:
AProvide owners with no financial information
BMaintain reserves, provide financial statements to members, and follow prescribed governance procedures✓ Correct
COnly hold annual meetings
DOperate without any budget
Explanation
Indiana common interest community law requires associations to maintain adequate reserves for future repairs, provide regular financial statements to members, and follow proper governance procedures (board elections, meeting notices, voting procedures).
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Key Terms to Know
Joint Tenancy
Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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