Indiana’s Residential Real Estate Disclosure Law requires property owners to complete a disclosure form. As noted on the IN.gov website, a disclosure form provides information about a home’s condition. Buyers considering making a purchase offer on a home listed “as is” may review the form to assess the property’s condition.
By law, sellers must check off information about their properties on the disclosure form so it reveals defects to potential buyers. As a seller, use of the form serves to certify you have provided first-hand and up-to-date information regarding a home’s condition.
A disclosure form may reveal issues buyers need to know
When selling your property, a thorough inspection determines how you should check off the appropriate disclosure form boxes. You must note defects such as problems concerning water, electrical or HVAC systems. 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. As noted by the U.S. Environmental Protection Agency, homes built before 1978 may contain lead. A disclosure form must note a home’s exposure to lead that may have resulted from paint or soil contamination.
A property listed “as is” may help attract buyers
Realtor.com notes that an “as is” listing may help promote a property that needs improvements or repairs. The listing may attract a buyer ready to make a quick offer that follows a sale price negotiation. When considering a home marketed “as is,” a buyer may review the seller’s disclosure form to learn about a property’s condition.
Indiana law regarding property disclosure forms may prove advantageous to both parties involved in a transaction. Owners may move a property quicker and buyers may negotiate a better price based on the repairs needed before moving in.