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Responsible Property Transfer Law repealed by General Assembly

from Indiana Association of REALTORS®

HEA 1005, enacted by the 2014 Indiana General Assembly, is an omnibus government regulation reduction bill that included, among other things, the repeal of the long-standing Responsible Property Transfer Law (RPTL). As many commercial brokers are already aware, the RPTL requires a transferor of certain types of property to disclose any environmental defect and the presence of any environmental restrictive covenant to all parties involved in a transaction. Corresponding paperwork is also required to be submitted to the Indiana Department of Environmental Management. more

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