Monday, August 11, 2014

Breaking Bad News... There's a new State Sellers Disclosure in town!

Breaking Bad News...  There's a new State Sellers Disclosure in town!
#Indiana #RealEstate #SellersDisclosure

The Indiana Real Estate Commission has revised the required State Sellers Disclosure.  They have now added specific language about disclosing Meth contaminated properties.

Yes, there was already a section called Hazardous Conditions that asked "have there been or are there any hazardous conditions on the property such as ....."  So this is not really a new requirement, more of a clarification making the prior language more specific to make sure homeowners disclose the manufacture of methamphetamine as a hazardous condition when completing the form.

This new form is to be used with all listings starting on July 1, 2014.  If a property was listed prior, the legal department suggests that the revised form replace the prior form.

The added questions under #3. Hazardous Conditions are:

  Is there contamination caused by the manufacture of a controlled substance on the property that has not  
  been certified as decontaminated by an inspector approved under IC 13-14-1-15?

  Has there been manufacture of methamphetamine or dumping of waste from the manufacture of
  methamphetamine in a residential structure on the property?

If the home has been "decontaminated" - documentation will need to be provided to the buyer.  The buyer can have specific testing run to confirm acceptable levels in the home.

Be informed - be aware!

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