Under the Indiana Seller Disclosure Act, when must a seller deliver the Seller's Residential Real Estate Sales Disclosure Form to a prospective buyer?
Correct Answer
A) Before or at the time an offer is accepted by the seller
Under IC 32-21-5, the Indiana Seller Disclosure Act requires the seller to deliver the completed Seller's Residential Real Estate Sales Disclosure Form to the prospective buyer before or at the time the seller accepts the buyer's offer. This timing requirement ensures the buyer has material information before being contractually bound.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
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