Indiana Code 32-21-5-12. Matters arising after form delivered; requirement to disclose at settlement; unknown or unavailable information
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Sec. 12. (a) An owner does not violate this chapter if the owner subsequently discovers that the disclosure form is inaccurate as a result of any act, circumstance, information received, or agreement subsequent to the delivery of the disclosure form. However, at or before settlement, the owner is required to disclose any material change in the physical condition of the property or certify to the purchaser at settlement that the condition of the property is substantially the same as it was when the disclosure form was provided.
(b) If at the time disclosures are required to be made under subsection (a) an item of information required to be disclosed is unknown or not available to the owner, the owner may state that the information is unknown or may use an approximation of the information if the approximation is clearly identified, is reasonable, is based on the actual knowledge of the owner, and is not used to circumvent the disclosure requirements of this chapter.
[Pre-2002 Recodification Citation: 24-4.6-2-12.]
As added by P.L.2-2002, SEC.6.
Terms Used In Indiana Code 32-21-5-12
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.