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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In Indiana, a property disclosure statement is a required document in most residential real estate transactions. Under Indiana Code IC 32-21-5, also known as the Residential Real Property Disclosure Act, sellers of residential property must complete and provide a disclosure form to potential buyers before the sale is completed. This form requires sellers to disclose any known material defects in the property, which could include issues with the structure, systems, or other components of the property. The disclosure must be made in good faith and to the best of the seller's knowledge. If a seller knowingly provides false information or fails to provide the disclosure, they could be held liable for damages. There are some exceptions to this requirement, such as transfers between co-owners, transfers to a spouse or direct family member, and sales of newly constructed homes that have not been inhabited.

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Real property

property disclosure statement

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Real property

property disclosure statement

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