Clay County Memorandum of Contract Form

Additional Indiana and Clay County documents included at no extra charge:

Where to Record Your Documents

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Cities and Jurisdictions in Clay County

Properties in any of these areas use Clay County forms:

• Bowling Green
• Brazil
• Carbon
• Centerpoint
• Clay City
• Coalmont
• Cory
• Harmony
• Knightsville
• Staunton

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A "Memorandum of Contract" in Indiana is a legal document used to provide public notice of a contract or agreement concerning real estate without revealing the full details of the contract. When recorded in the county where the property is located, it serves as a way to notify third parties, such as potential buyers or lenders, that there is an existing contract or agreement related to the property.

IN Code § 36-2-11-20 Sec. 20. (a) As used in this section, "contract" means an agreement for a seller to sell real estate to a purchaser that provides for the purchaser to pay the purchase price to the seller in periodic installments, with the seller retaining record title to the real estate and the purchaser acquiring equitable title to the real estate.

Purpose: The primary purpose of a Memorandum of Contract is to secure the parties' interests by making the existence of a contract public without disclosing the full contract terms. Use this form for real property purchase agreements.

IN Code § 36-2-11-20 (g) A memorandum of a lease or a memorandum of contract may be recorded in lieu of the lease or contract itself if the memorandum is executed and acknowledged by the parties and contains:
(1) the names of the parties;
(2) the term of the lease or contract;
(3) any option of the lessee to renew or extend the term of the lease or of the purchaser to renew or extend the term of the contract; and
(4) the specific legal description of the real estate, or a survey or plot plan authorized under subsection (i) showing the location of the real estate.
(h) A memorandum recorded under this section may also contain any other agreement made between the parties in the lease or contract.

Statutory Basis: Indiana has statutes governing the recording of documents affecting real estate. Indiana Code § 32-21-4 provides general guidelines for recording instruments, including those affecting real estate interests. Specific requirements may vary based on the type of contract and the county.

Effect of Recording: Once recorded, the memorandum places a cloud on the title, meaning any future buyers or creditors will be aware of the existing contract. This can protect the parties from unauthorized transactions or encumbrances.

For use in Indiana only.

Termination: If the underlying contract is terminated, parties typically record a document to release the memorandum, clearing the title.

Important: Your property must be located in Clay County to use these forms. Documents should be recorded at the county recording office listed above.

This Memorandum of Contract meets all recording requirements specific to Clay County.

Our Promise

The documents you receive here are guaranteed to meet or exceed the applicable Clay County recording format requirements. If there is a rejection caused by our formatting, we will correct the issue or refund your payment. This guarantee applies to document formatting only and does not extend to information entered by the user, the selection of the form, or the legal effect of the completed document.

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