What does the "Indiana Residential Real Estate Sales Disclosure Act" require?

The "Indiana Residential Real Estate Sales Disclosure Act" specifically mandates that sellers of residential real estate provide prospective buyers with a disclosure statement detailing the property's condition. This statute is designed to ensure transparency in real estate transactions by requiring sellers to disclose any known defects or issues with the property. By informing buyers of the property's status, the law aims to protect consumers and facilitate informed decision-making during the purchasing process.

The intent of this disclosure is to promote honesty and accountability in real estate transactions, allowing buyers to be fully aware of what they are purchasing. The requirement underscores the importance of communication about the property's physical and legal condition, which is vital for both parties involved in the transaction.

In contrast, the other options refer to practices that, while important in the real estate process, do not fall under the obligations established by this specific act. For example, financing pre-approval, commission rate disclosures by agents, and property inspections are essential aspects of real estate transactions but are not explicitly mandated by the Indiana Residential Real Estate Sales Disclosure Act.