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Duties for Sellers under Indiana Law Indiana has codified the duties of sellers of certain residential property in Ind. Code section 31-21-5. Under these statutes, sellers have a duty to complete a sales disclosure form as accurately and completely as possible to alert the buyer as to the condition of the home. a.

What Does Indiana's Form Ask Home Sellers to Disclose? Using the standard Indiana form, sellers need to tell potential buyers about known defects in the house structure and major systems, as well as any defects in the included appliances, that the seller knows about.

A disclosure form may reveal issues buyers need to know If the property has structural or roofing issues, the form must include them. Pests and termite problems also reflect issues that need disclosing. The law requires revealing environmental hazards, which may include toxic mold, radioactive materials and asbestos.

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.

Indiana law (IC 32-21-5) generally requires sellers of 1-4 unit residential property to complete this form regarding the known physical condition of the property. An owner must complete and sign the disclosure form and submit the form to a prospective buyer before an offer is accepted for the sale of the real estate.

While the doctrine of ?buyer beware? still applies, the Indiana legislature created a series of statutes several years ago requiring most sellers to provide prospective buyers with a document known as the Seller's Residential Real Estate Sales Disclosure (?Seller's Sales Disclosure?) (not to be confused with the Sales ...