Indiana License Law requires any sale, lease with option to buy, exchange of, or installment sales contract for, on 1-4 unit residential properties, to complete and provide the Residential Real Estate Sales Disclosure form to buyers. This would include For Sale by Owner properties. There are however some exemptions. Sellers of the following are NOT required to complete and provide the Residential Real Estate Sales Disclosure form:
- Transfer of New Home sale
- Transfer to or from any governmental entity
- Transfers ordered by a court
- 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.
- Transfers by a fiduciary in the course of the administration of the decedent’s estate, guardianship, conservatorship, or trust
- Transfers made from at least one co-owner solely to at least one other co-owner
- Transfers to family members
- Transfers made due to owner’s failure to pay federal, state, or local taxes
- Transfers to a living trust
Ryan Hakes is a licensed real estate practitioner serving the Indianapolis, Indiana area and surrounding counties, a member of the following professional organizations: Metropolitan Indianapolis Board of Realtors (MIBOR), National Association of Realtors (NAR), Indiana Association of Realtors (IAR), Broker Listing Cooperative (BLC) and is extremely passionate about helping clients accomplish the vision they have for their personal real estate goals & dreams.