Indiana Code 32-21-5-13. Disclosure of defect after offer accepted; buyer’s right to nullify contract; return of deposits
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Sec. 13. (a) Notwithstanding section 12 of this chapter, if a prospective buyer receives a disclosure form or an amended disclosure form after an offer has been accepted that discloses a defect, the prospective buyer may after receipt of the disclosure form and within two (2) business days nullify the contract by delivering a written rescission to the owner or the owner’s agent, if any.
(b) A prospective buyer is not liable for nullifying a contract under this section and is entitled to a return of any deposits made in the transaction.
[Pre-2002 Recodification Citation: 24-4.6-2-13.]
As added by P.L.2-2002, SEC.6.
Terms Used In Indiana Code 32-21-5-13
- buyer: means a transferee in a transaction described in section 1 of this chapter. See Indiana Code 32-21-5-2
- 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
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.