A homeowner in Indianapolis is transferring his residential property to his sister through a private sale. The sister is already a co-owner of the property on the deed. Under the Indiana Seller Disclosure Act, which of the following best describes the disclosure obligation in this situation?
Correct Answer
A) The seller is exempt from the disclosure requirement because this is a transfer between co-owners
Under IC 32-21-5, transfers between co-owners are among the statutory exemptions from the Indiana Seller Disclosure Act. Because the sister is already listed as a co-owner on the deed, this transaction qualifies for the exemption, and the seller is not required to complete and deliver the Seller's Residential Real Estate Sales Disclosure Form.
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Related Topics & Key Terms
Key Terms:
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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.
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