Section 32-21-5-7 - Disclosure form; contents(a) The Indiana real estate commission established by IC 25-34.1-2-1 shall adopt a specific disclosure form that contains the following: (1) Disclosure by the owner of the known condition of the following:(B) The mechanical systems.(E) The water and sewer systems.(F) Additions that may require improvements to the sewage disposal system.(G) Other areas that the Indiana real estate commission determines are appropriate.(2) Disclosure by the owner of known:(A) contamination caused by the manufacture of a controlled substance (as defined by IC 35-48-1-9) on the property that has not been certified as decontaminated by a qualified inspector who is certified under IC 16-19-3.1; or(B) manufacture of methamphetamine or dumping of waste from the manufacture of methamphetamine in a residential structure on the property.(3) A notice to the prospective buyer that contains substantially the following language: "The prospective buyer and the owner may wish to obtain professional advice or inspections of the property and provide for appropriate provisions in a contract between them concerning any advice, inspections, defects, or warranties obtained on the property.".
(4) A notice to the prospective buyer that contains substantially the following language: "The representations in this form are the representations of the owner and are not the representations of the agent, if any. This information is for disclosure only and is not intended to be a part of any contract between the buyer and owner.".
(5) A disclosure by the owner that an airport is located within a geographical distance from the property as determined by the Indiana real estate commission. The commission may consider the differences between an airport serving commercial airlines and an airport that does not serve commercial airlines in determining the distance to be disclosed.(6) A disclosure by the owner that:(A) the property is located near a military installation, within a state area of interest (as defined in IC 36-7-30.2-6), and may be impacted to some degree by the effects of the installation's military operations; and(B) local laws may restrict use and development of the property to promote compatibility with military installation operations.(7) If the owner has personal knowledge of the fact that all or a portion of the real estate is located within a community's floodplain boundaries, as indicated in a Federal Emergency Management Agency Flood Insurance Rate Map, a disclosure by the owner of that fact.(b) Responsibility for the disclosure required under subsection (a)(6) rests solely with the owner of the property and no liability for the owner's failure to make the required disclosure shall accrue to any third party. Failure of the owner to make the required disclosure under subsection (a)(6) shall not: (1) invalidate the transfer of the property; or(2) create any encumbrance or lien upon any legal or equitable title to the property.Pre-2002 Recodification Citation: 24-4.6-2-7.
Amended by P.L. 175-2023,SEC. 5, eff. 7/1/2023.Amended by P.L. 43-2023,SEC. 1, eff. 7/1/2023.Amended by P.L. 111-2018,SEC. 13, eff. 7/1/2018.Amended by P.L. 180-2014, SEC. 5, eff. 7/1/2014.Amended by P.L. 159-2011, SEC. 41, eff. 7/1/2011.As added by P.L. 2-2002, SEC.6. Amended by P.L. 1-2003, SEC.83.