What is an Indiana sales disclosure form?
Indiana state law (IC 6-1.1-5.5) requires the filing of a sales disclosure form (SDF) whenever real property is sold. These data are used by assessors in the determination of the annual market-based adjustments of assessed property values.
Is a seller’s disclosure required in Indiana?
Indiana’s Residential Real Estate Disclosure Law, Indiana Code 32-21-5-2 requires the property seller to complete the Disclosure Form, which is available on-line. 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.
Are seller disclosure forms required?
California requires buyers to fill out the state Real Estate Transfer Disclosure Statement and the Natural Hazards Disclosure, which details whether the property is in a zone subject to natural hazards, such as earthquakes or wildfire. Some cities or counties may require disclosure about the neighborhood or community.
What is the purpose of a sales disclosure?
A seller disclosure helps protect the buyer from defects or problems with the home and surrounding property. The seller lists any known problems with the property on the disclosure form, giving the buyer advance notice of any repairs that may need to be made.
What is the sales disclosure fee in Indiana?
A person filing a sales disclosure form marked only with sales conditions subject to a disclosure filing fee shall pay a fee of ten dollars ($10.00) to the county auditor.
Who is liable if the sales disclosure form includes errors or omissions?
Holt, 937 N.E.2d 1, 7 (Ind. Ct. App. 2010) (“Sellers can be held liable for errors, inaccuracies, or omissions on the Sales Disclosure Form if the seller has actual knowledge of the defect”).
Do Realtors have to disclose death in a house in Indiana?
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.
Is Indiana a non disclosure state?
Full disclosure states include Arizona, California, Colorado, Connecticut, Delaware Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nebraska, New Hampshire, New Jersey, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota.
What happens if a seller lied on a disclosure?
A seller is supposed to be truthful when answering the disclosure statement for the buyer. And, if a seller lies, the buyer is entitled to go after the seller for damages sustained because of an omission in the disclosure statement given to the buyer.
What should a seller’s disclosure include?
What Should A Seller’s Disclosure Include?
- List of specific issues the homeowner must check off if the home has them.
- Questions about the property the seller must answer with “Yes,” “No” or “Unknown”
- Space to provide further explanation of the issue and if it was fixed.
What is the purpose of a disclosure form?
A seller’s disclosure form, or property disclosure statement, is a form that details all the potential problems with your home. Sellers are legally required to produce these statements in most parts of the country. The idea is to protect buyers from purchasing a home with undisclosed problems.