This form is a Seller's Disclosure Statement. This disclosure statement concerns the condition of property described in the document. The seller acknowledges that the information contained in the form is true and accurate.
Indiana Seller's Real Estate Disclosure Statement
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FAQ
Some states have the caveat emptor rule, which means that the buyer is responsible for uncovering anything wrong with the property. Indiana is not a caveat emptor state. In fact, the form the seller is responsible for completing is rather lengthy and detailed.
Since the mid-1990's, the State of Indiana has required sellers of single-family residential real estate to complete and deliver to buyers a disclosure form entitled Seller's Residential Real Estate Sales Disclosure, pursuant to the requirements of Indiana Code § 32-21-5.
In general, a disclosure document is supposed to provide details about a property's condition that might negatively affect its value. Sellers who willfully conceal information can be sued and potentially convicted of a crime. Selling a property "As Is" will usually not exempt a seller from disclosures.
Indiana law (IC 32-21-5) generally requires sellers of 1-4 unit residential property to complete this form regarding the known physical condition of the property. An owner must complete and sign the disclosure form and submit the form to a prospective buyer before an offer is accepted for the sale of the real estate.
The State of Indiana requires the filing of a sales disclosure form (SDF) whenever real property is sold.
In the state of Indiana, you are not required to disclose if you think a house is haunted or if someone died in the home but you may not misrepresent or lie if a potential buyer asks. Indiana's Residential Real Estate Disclosure Law, Ind.
A real estate sales disclosure form is a checklist style document that Indiana law requires most sellers complete prior to closing on the property. This purpose of this document is to allow the seller an opportunity to disclose any known facts about the property and its condition.
The seller is required, to the best of his/her knowledge, to inform the buyer of any known material defects within the home and its major systems. For example, if the seller has knowledge of the property existing on a floodplain or the foundation is leaning should be disclosed.
A sales disclosure is a State Form (46021) that is completed for property transfers, both those that are transferred for valuable consideration and those that are the result of foreclosure, express threat of foreclosure, divorce, court orders, judgments, condemnation, or probate.
