What is required from sellers under the Indiana Residential Real Estate Sales Disclosure Act?

Under the Indiana Residential Real Estate Sales Disclosure Act, sellers are mandated to provide a disclosure statement regarding the condition of the property being sold. This requirement is in place to ensure that potential buyers receive important information about the property’s physical condition, including any known defects or issues that may affect its value or livability.

By requiring sellers to disclose this information, the law aims to promote transparency and protect buyers from unforeseen problems after the sale is completed. The disclosure statement serves to inform buyers about significant aspects such as the roof's condition, plumbing, electrical systems, and any environmental concerns that might be relevant to their decision-making process.

This approach not only aids buyers in making informed choices but also fosters a smoother transaction process, as all parties are aware of the property's current state before finalizing the sale.