Bloomington

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

Title companies, lenders, real estate agents, and attorneys handle closings. Conveyance is by warranty deed. Mortgages are the customary security instruments. Judicial foreclosures are required; execution of judgments varies from 3 months after filing of the complaint in cases involving mortgages drawn up since July 1, 1975, to 6 months for those drawn up between January 1, 1958, and July 1, 1975, to 12 months for those drawn up before that. Immediately following the execution sale, the highest bidder receives a sheriff’s deed. Hoosiers use ALTA policies and certain endorsements. Buyers usually pay closing costs and the lender’s title insurance costs, while sellers pay for the owner’s policy. There are no documentary, mortgage, or transfer taxes. Property taxes fall due on May 10th and November 10th.

Due May 10th and November 10th

YES. Key components of property management (renting, leasing and managing) are considered real estate activities under existing Indiana real estate licensing laws. If a property manager is going to lease, rent, manage, list, or negotiate or offer to perform any of those acts, he or she will need a real estate license.

Yes. For example, an individual involved in the renting of residential apartment units need not be licensed if he or she is employed or supervised by a licensed broker. Also, the license requirement does not apply to the rental of residential apartment units by a person employed or supervised by a licensed broker. For more information about these and other Indiana property management requirements and exceptions, please contact the Indiana Real Estate Commission. Before hiring a property manager to manage your Indiana rental property, you should always check that he or she is licensed appropriately. You can check the license status of Indiana property managers at the Indiana Online Licensing website.

NO. A broker's license is not required to manage community associations or condo associations in Indiana.

Indiana real estate broker licensing requirements include: - Age: Must be at least 18 years of age - Trustworthiness: must have no prior convictions for certain acts - Experience: Have been a licensed active real estate salesperson for one year preceding the application - Education: Successful completion of approved broker course of study - Exam: Pass written examination

Indiana real estate salesperson licensing requirements include: - Age: Must be at least 18 years of age - Trustworthiness: Must have no convictions for certain crimes - Education: Successful completion of approved salesperson course - Exam: Pass written exam - Application: Submit application with fee.