(a) In all cases where a circuit court shall decree a conveyance of real estate or that real estate pass, the party in whose favor the decree is made shall cause a copy thereof to be recorded in the recorder's office of the county in which the lands to be conveyed lie, within one (1) year after the making of the decree. If the decree is not recorded within that time, it shall be void as to all subsequent purchasers without notice.
(b) The term “real estate”, as used in this act, shall be construed to include all estates and interest in lands and tenements, whether legal or equitable, liable to be sold under execution.