This form is a Seller's Disclosure Statement for use in a residential sales transaction in Indiana. This disclosure statement concerns the condition of property and is completed by the Seller.
Indiana Residential Real Estate Sales Disclosure Statement
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FAQ
Some states do not disclose the actual value of property sales to the public. Non-disclosure states include: Idaho, Indiana, Kansas, Mississippi, Missouri, Montana, New Mexico, North Dakota, South Dakota, Texas, Utah, and Wyoming.
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.
The typical seller disclosure form is several pages long, and it asks the seller to report known defects in the home. This will include the appliances, as well as information about electrical, heating, sewer, water or other mechanical systems.
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.
Who Must Make These Seller Disclosures in California. As a broad rule, all sellers of residential real estate property containing one to four units in California must complete and provide written disclosures to the buyer.
Indiana Courts generally apply the rule of caveat emptor, or buyer beware, in connection with sales of residential real estate.Notably, there is no exception for the sale of a residential property by a seller that never lived in the home being sold.
Buyers must sign off on all disclosures and reports. So it's important to review them carefully and ask questions if you need to. Full disclosure upfront is the way to go. Providing full disclosure can help a seller.
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.
Case Law Update 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.