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Indiana Code Regarding
Residential Real Estate Sales Disclosure
IC
32-21-5
Chapter 5. Residential Real
Estate Sales Disclosure
IC 32-21-5-1
Applicability of chapter
Sec.
1. (a) This chapter applies only to a sale of, an exchange of, an
installment sales contract for, or a lease with option to buy
residential real estate that contains not more than four (4)
residential dwelling units.
(b)
This chapter does not apply to the following:
[emphasis added]
(1)
Transfers ordered by a court, including transfers:
(A)
in the administration of an estate;
(B)
by foreclosure sale;
(C)
by a trustee in bankruptcy;
(D)
by eminent domain;
(E)
from a decree of specific performance;
(F)
from a decree of divorce; or
(G) from a property settlement agreement.
(2)
Transfers by a mortgagee who has acquired the real estate at a sale
conducted under a foreclosure decree or who has acquired the
real estate by a deed in lieu of foreclosure.
(3)
Transfers by a fiduciary in the course of the administration of the
decedent's estate, guardianship, conservatorship, or trust.
(4)
Transfers made from at least one (1) co-owner solely to at least one
(1) other co-owner.
(5)
Transfers made solely to any combination of a spouse or an
individual in the lineal line of consanguinity of at least one (1)
of the transferors.
(6)
Transfers made because of the record owner's failure to pay any
federal, state, or local taxes.
(7)
Transfers to or from any governmental entity.
(8)
Transfers involving the first sale of a dwelling that has not been
inhabited. [i.e. new construction]
(9)
Transfers to a living trust.
As
added by P.L.2-2002, SEC.6.
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