Indiana Code 32-27-2-2. “Initial home buyer” defined
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Sec. 2. As used in this chapter, “initial home buyer” means a person who:
(2) either:
(1) executes a contract with a builder to buy a new home; and
Terms Used In Indiana Code 32-27-2-2
- builder: means a person who constructs new homes for sale, including the construction of new homes on land owned by home buyers. See Indiana Code 32-27-2-6
- Contract: A legal written agreement that becomes binding when signed.
- new home: means a new dwelling occupied for the first time as a residence after construction. See Indiana Code 32-27-2-4
(A) occupies the new home as:
(i) the home’s first occupant; and
(ii) a residence; or
(B) rents the new home to an individual who occupies the new home as:
(i) the home’s first occupant; and
(ii) a residence.
[Pre-2002 Recodification Citation: 32-15-7-2.]
As added by P.L.2-2002, SEC.12. Amended by P.L.137-2023, SEC.3.