Updated on January 23rd, 2023
An Indiana property disclosure statement is a form with which a residential property seller reports the condition of their home to a potential buyer. The document discloses all property defects known to the seller, including issues with the structure, mechanical systems (e.g., heating, electrical), water supply, appliances, fixtures, and roof. Also included in the disclosure are details about the presence of hazardous materials and contaminants, such as radon gas and methamphetamine. Prospective buyers shall be given a copy of the report prior to signing a purchase agreement to enable them to better assess the property value.
Laws – § 32-21-5-7 & § 32-21-5-10
Purchase Agreement – This is a contract between a buyer and seller that defines the conditions of a purchase offer for residential property. Once signed, the parties become legally bound to the pricing terms and other provisions of the agreement.