Sec. 2. As used in this chapter, “initial home buyer” means a person who:

(1) executes a contract with a builder to buy a new home; and

contract signature

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Terms Used In Indiana Code 32-27-2-2

  • builder: means a person who constructs new homes for sale, including the construction of new homes on land owned by home buyers. See Indiana Code 32-27-2-6
  • Contract: A legal written agreement that becomes binding when signed.
  • new home: means a new dwelling occupied for the first time as a residence after construction. See Indiana Code 32-27-2-4
(2) either:

(A) occupies the new home as:

(i) the home’s first occupant; and

(ii) a residence; or

(B) rents the new home to an individual who occupies the new home as:

(i) the home’s first occupant; and

(ii) a residence.

[Pre-2002 Recodification Citation: 32-15-7-2.]

As added by P.L.2-2002, SEC.12. Amended by P.L.137-2023, SEC.3.

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