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Changes to the Indiana Sales Disclosure Form

As of July 1, 2008, a new form of the State of Indiana's Sales Disclosure Form (the "Form") is required to be filed in connection with real estate transactions conducted within Indiana. While the changes to the Form are not extensive, there are a few new categories and amendments that should be noted.

Section B of the Form is a list of conditions that generally apply to real estate transactions and, depending on the applicability of those conditions, will determine whether a filing fee is required or the transaction is exempt. The only new item in Section B, Condition #1, will need to be marked for any "transfer of real property interest for valuable consideration." Since the majority of real estate transactions involve the exchange of property for money or other property, this new condition will likely apply to the vast majority of real estate transactions. The other change to Section B is the deletion of six conditions that will exempt a transaction from the filing fee. Corrective deeds, property transfers in connection with corporate mergers or consolidations, and gift property are among the conditions no longer exempting a transaction from the filing fee requirement.

Section C of the Form has been expanded to consolidate all financial information into one section. In addition, new categories have been added to provide information regarding discounts provided in transfers between parties with a family or business relationship and detailed loan terms are now required in transfers with seller financing.

The final area where changes have been made to the Form are in Section F. The changes provide a more efficient way to file for real estate tax deductions. Instead of filing separate forms, the Buyer can use the Form to file for homestead, geothermal/solar heating and cooling, and wind/hydroelectric power deduction as applicable.

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