Indiana Laws
Requirement to Record: An option to purchase is not legally required to be recorded for it to be valid between the original parties. However, to protect against third party claims, it must be recorded.[1]
Expiration: Indiana law does not specifically address the expiration of constructive notice. Notice expires when the option expires.
Maximum Term: State law does not cap the term of a residential lease agreement.
No Duration: Without a duration, the option automatically expires at the end of the lease.
Signing Requirements: Must be in writing and signed by the seller.[2]
Required Disclosures (3)
1. Landlord’s Name and Address – The landlord must disclose the name and address of the person allowed on the property. The information should be used for notices sent to the landlord.[3]
2. Lead-Based Paint Disclosure & EPA Pamphlet – Under federal law, if the landlord’s property was built before 1978, it is mandatory that the disclosure form be attached, initialed, and signed by the tenant.[4]
3. Smoke Detector Disclosure – Must be signed by the tenant at the time of taking occupancy to acknowledge that a functional smoke detector is in the residence.[5]
Seller’s Disclosures (1)
1. Seller’s Residential Real Estate Sales Disclosure (Form 46234) (required) – This is an all-encompassing disclosure form that must be completed by the seller and presented to any potential buyer. It lets the buyer know of any defects, issues, or other information* that they should be made aware of.[6]