According to Indiana law, what condition must a buyer meet for foreclosure protections to apply under a land contract?

In Indiana, a buyer must have paid more than 20% of the purchase price for foreclosure protections under a land contract to apply. This law is designed to provide a measure of security for buyers who have invested a significant amount into a property, recognizing that they have a substantial financial commitment. When a buyer has made such payments, they are afforded protections that can help prevent abrupt loss of their investment through foreclosure.

The requirement also establishes a threshold that distinguishes between casual or speculative purchasers and those who are more seriously committed to the transaction. Paying more than 20% signifies that the buyer has a vested interest in the property, warranting certain legal safeguards, such as the right to receive notice before any foreclosure proceedings begin.

Understanding these conditions is essential for both buyers and agents because they influence how land contracts are executed and the protections that are available to buyers in Indiana real estate transactions.