Under IC 32-21-5, the Indiana Seller Disclosure Act provides statutory exemptions for certain types of transfers. Which of the following transactions is NOT exempt from the seller disclosure requirement?
Correct Answer
B) A sale of a newly constructed home by a builder to the first buyer
The sale of a newly constructed home by a builder to the first buyer is NOT exempt from the Indiana Seller Disclosure Act. While IC 32-21-5 provides various exemptions, new construction sales to initial purchasers are subject to disclosure requirements. Builders selling new homes must provide the disclosure form, making this the transaction that is NOT exempt.
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Related Topics & Key Terms
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Related Concepts
Megan's Law requires states to make information about registered sex offenders available to the public. Some states require real estate agents to inform buyers about the availability of sex offender registries.
Mold disclosure involves informing buyers about the presence of mold or conditions that are conducive to mold growth in a property. While no federal mold disclosure law exists, many states require disclosure of known mold issues.
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
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