Section 32-28-15-5 - "Residential real estate service agreement"(a) As used in this chapter, "residential real estate service agreement" means an agreement:(1) under which a service provider agrees to provide one (1) or more services: (A) in connection with the maintenance, purchase, or sale of residential real estate; and(B) that are not to be performed in their entirety within one (1) year after the agreement is entered into; and(2) that has one (1) or more of the following characteristics:(A) The agreement purports to run with the land or to be binding on future owners of interests in the residential real estate.(B) The agreement allows for the assignment of the right to provide one (1) or more of the services under the agreement without the consent of the owner of the residential real estate to the assignment.(C) The agreement purports to create:(i) a lien or an encumbrance on; or(ii) a security interest in; the residential real estate.
(b) For purposes of sections 8 and 9 of this chapter, the term includes a: (2) memorandum; of an agreement described in subsection (a).
Added by P.L. 62-2024,SEC. 1, eff. 3/11/2024.