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Indiana Residential Real Estate Sales Disclosure

July 2nd, 2008 categories: Indianapolis Real Estate News, Indy Home Buyers, Indy Home Sellers

The Residential Real Estate Sales Disclosure Law (I.C.32–21–5) requires sellers of 1–4 unit residential property to give a disclosure form to buyers.  The disclosure form is a two page document which details items of importance to buyers, the condition of items and whether or not they are included with the property.

Items of importance on the sellers disclosure include:

  • Appliances
  • Electrical System
  • Water and Sewer System
  • Heating and Cooling System
  • Roof
  • Known Hazardous Conditions

Hazardous conditions include knowledge of radon, mold, methane gas, radioactive material, lead based paint, toxic materials, asbestos insulation, biological contaminants, etc.

Also included is a long list of other disclosures a buyer should be made aware of. This section deals mostly with the land, improvements and external conditions affecting the property, including, but not limited to:

  • Any foundation problems?
  • Encroachment and easements?
  • Structural Problems?
  • Additions or Alterations made without a permit?
  • Moisture or water problems?
  • Property in flood plain?
  • Any threatened or pending litigation?
  • Underground Storage Tanks?
  • Property located within one mile of airport?
  • Damage from wind, flood, rodents, termites?
  • Is the property subject to covenants, conditions and restrictions?

Indiana law requires the sales disclosure be provided to the buyer before a contract is written.

There is a lot of information to be provided in the Residential Real Estate Sales Disclosure, which should be read, understood and questioned. However, it is never a replacement for an independent professional inspection of the property.

Sample Indiana Real Estate Sales Disclosure

There are properties which are exempt from providing a real estate disclosure in Indiana.

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This entry was posted on Wednesday, July 2nd, 2008 at 6:44 am and is filed under Indianapolis Real Estate News, Indy Home Buyers, Indy Home Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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