Sec. 7. (a) If the:
(1) purchaser;
(2) purchaser's successors or assigns; or
(3) purchaser of the certificate of sale under IC 6-1.1-24;
fails to file the petition within the period provided in section 4.6 of this chapter, that person's lien against the real property terminates at the end of that period. However, this section does not apply if the state or a political subdivision is the holder of the certificate of sale.
(b) If the notice under section 4.5 of this chapter is not given within the period specified in section 4.5(a)(3) or 4.5(c)(3) of this chapter, the lien of the:
(1) purchaser of the property; or
(2) purchaser of the certificate of sale under IC 6-1.1-24;
against the real property terminates at the end of that period.