Indiana Code 32-21-5-10. Disclosure form; presentation required before acceptance of offer
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Sec. 10. (a) An owner must complete and sign a disclosure form and submit the form to a prospective buyer before an offer for the sale of the residential real estate is accepted.
(c) Before closing, an accepted offer is not enforceable against the buyer until the owner and the prospective buyer have signed the disclosure form. After closing, the failure of the owner to deliver a disclosure statement form to the buyer does not by itself invalidate a real estate transaction. A buyer may not invalidate a real estate transaction or a contract to purchase real estate due to the buyer’s failure to sign a seller’s disclosure form that has been received or acknowledged by the buyer.
(b) An appraiser retained to appraise the residential real estate for which the disclosure form has been prepared shall be given a copy of the form upon request. This subsection applies only to appraisals made for the buyer or an entity from which the buyer is seeking financing.
Terms Used In Indiana Code 32-21-5-10
- buyer: means a transferee in a transaction described in section 1 of this chapter. See Indiana Code 32-21-5-2
- closing: means a transfer of an interest described in section 1 of this chapter by a deed, installment sales contract, or lease. See Indiana Code 32-21-5-3
- Contract: A legal written agreement that becomes binding when signed.
- disclosure form: refers to a disclosure form prepared under section 8 of this chapter or a disclosure form that meets the requirements of section 8 of this chapter. See Indiana Code 32-21-5-5
- owner: means the owner of residential real estate that is for sale, exchange, lease with an option to buy, or sale under an installment contract. See Indiana Code 32-21-5-6
[Pre-2002 Recodification Citation: 24-4.6-2-10.]
As added by P.L.2-2002, SEC.6. Amended by P.L.150-2013, SEC.3.