Indiana guide
Indiana condo document review
Indiana condo document review is governed by the Indiana Condominium Act (IC 32-25), an older first-generation condo statute that predates the Uniform Common Interest Ownership Act. Unlike UCIOA states, Indiana has no condominium resale-certificate or estoppel statute, so no law compels the seller or association to deliver a standardized package of assessments, reserves, insurance, and litigation.
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Resale disclosure runs through the general Residential Real Estate Sales Disclosure Form (IC 32-21-5-10), delivered before the offer is accepted — a property-condition form, not an association-financials disclosure. That makes document-review discipline the buyer's main protection in Indiana: the records you need exist, but you must request them through the purchase contract. The highest-value items are the replacement reserve fund balance and a percent-funded estimate (IC 32-25-4-4), the special-assessment and loan history, the master-policy declarations page (IC 32-25-8-9), board and member meeting minutes, and the delinquency report — which matters more in Indiana because the state has no super-lien.
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Confirm which statute applies
Indiana is a two-statute state. A recorded condominium declaration creating units plus undivided interests in common areas and facilities is governed by IC 32-25, while a subdivision or planned community of lots is an HOA under IC 32-25.5; the condominium act expressly does not apply to HOAs. Most associations are also nonprofit corporations, so the Nonprofit Corporation Act (IC 23-17) supplies default governance rules. Confirm from the declaration which statute governs before relying on any particular protection.
There is no statutory resale certificate
Indiana does not compel the seller or association to deliver a binding resale or estoppel certificate. A resale runs on the IC 32-21-5-10 Residential Real Estate Sales Disclosure Form, which discloses property condition, not the association's finances, with only a limited two-business-day rescission when a late or amended form reveals a defect (IC 32-21-5-11). Condo buyers rely on the declaration, bylaws, budget, and master-policy declarations page obtained through the contract and title work, so build a document-delivery requirement into the purchase contract.
Read the replacement reserve fund and the budget
Under IC 32-25-4-4, an Indiana condo budget must include the establishment and maintenance of a replacement reserve fund — a genuine statutory obligation — but the statute sets no funding target, percent-funded standard, or schedule and requires no reserve study. A fund can be technically compliant and grossly underfunded. Request the reserve balance and a percent-funded estimate, the budget and budget-to-actual, and read the reserve against the building's age and major components: roofs, masonry, and parking decks on older Indianapolis-metro stock are the largest source of special-assessment risk.
Insurance, minutes, and delinquency
IC 32-25-8-9 et seq. requires a master casualty policy consonant with the full replacement value of the common areas and a master liability policy; IC 32-25-8-11 expressly contemplates insufficient proceeds, which can trigger special assessments after storm losses. Read the master declarations page for the replacement-value floor and the wind/hail deductible. Request one to two years of board and member minutes and the delinquency report — because Indiana has no super-lien, a first-mortgage foreclosure wipes pre-foreclosure back dues, so a high delinquency rate is a real financial-distress signal.
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Indiana legal references
- IC 32-25 — Indiana Condominium Act
- IC 32-25-6-3 — Unpaid assessments; lien priority and foreclosure
- IC 32-25-8-11 — Insurance; reconstruction; insufficient proceeds
- IC 32-21-5-10 — Residential sales disclosure form; presentation before offer
Informational only. Not legal advice. Always confirm against current statute and counsel.
Need help applying these Indiana statutes to your specific situation? We can connect you with state-licensed counsel and specialists familiar with this exact regulatory environment.
Find a Indiana specialist →Reviewer's checklist
- Confirm the property is a condominium under IC 32-25 (not an HOA under IC 32-25.5)
- Request the Residential Real Estate Sales Disclosure Form (IC 32-21-5-10) before signing
- Build a document-delivery requirement into the purchase contract
- Obtain the replacement reserve fund balance and a percent-funded estimate (IC 32-25-4-4)
- Request the current budget and budget-to-actual
- Request the special-assessment and loan history and any pending special
- Read the master declarations page for the IC 32-25-8-9 replacement-value floor and wind/hail deductible
- Request board and member meeting minutes for one to two years
- Obtain a payoff or account statement (fee capped at $50; balance statement free under HB 1115)
- Request the delinquency report given Indiana's lack of a super-lien
- Request any engineering, roof, structural, or parking-deck reports for older buildings
- Confirm the governing documents have been conformed to the 2026 statutory changes
Want this same review on your actual documents? We do it free, with page citations you can verify.
Get my free risk report →Want every document to request before you buy in Indiana — with the local red flags and the statute behind each? See the complete Indiana condo due-diligence checklist →
Source documents
- Declaration & bylawsthe rules
- Budget & financialsthe money
- Reserve studythe big repairs
- Meeting minuteswhat the board fears
Cross-reference
The risk lives in the contradiction between documents.
An assessment in the minutes but not the estoppel; a reserve the budget never funds.
Risk report
Severity-graded across 8 categories.
Every finding cites the document, page number, and quoted text.
How CondoSignal reviews this
We read the reserve study, operating budget, and 24 months of meeting minutes together — indiana condo document review risk usually lives in the contradiction between documents, not in any single one of them. Every finding cites the source document, the page number, and the quoted text behind it.
See our 8-category framework →Risk Intelligence
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Related risk areas
Read these next to round out your due diligence
Reserve studies
A reserve study tells you what the association expects to spend on long-term capital repairs and replacements, and whether it is funding those obligations adequately.
Special assessments
Special assessments are the single largest source of financial surprise in condo and HOA ownership.
Insurance risk
The association's master insurance policy determines what your personal HO-6 policy needs to cover — and what it does not.
Related reading
Guides for Indiana buyers and owners
What to Look for in Condo Documents: A Buyer's Complete Guide
A resale package contains roughly a dozen documents. Learn what each one discloses, what most buyers overlook, and which sections to read closely before you close.
How to Read a Reserve Study Before Buying: Is the Funding a Red Flag?
Reserve studies are dense engineering-financial documents. Learn what percent funded and baseline funding mean, how to spot unfunded repairs, and when the numbers are a special-assessment red flag — before you buy.
The Complete Condo Buying Checklist (2026)
A four-phase due diligence framework — pre-offer through post-closing — covering documents, fees, reserves, insurance, lender requirements, and governance risk.
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Reviewed by Kirk Hasley, Founder. Every claim here is checked against current Indiana statute and primary sources, using the same documented review framework we run on every file. Last reviewed June 13, 2026.
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Every finding cites the exact page in your documents
“The board approved a $15,000-per-unit special assessment for façade repairs, payable over 12 months.”
Source: Board meeting minutes, p. 12 — quoted and linked in your report so you can verify it in seconds.
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Review the documents before your contingency ends
Most buyers get 7–14 days to review condo documents. Upload the packet — we read the reserve study, budget, minutes, and insurance summary and flag the risks, every finding linked to the exact page. Free.
Expert Matching
Need a real estate lawyer or mortgage specialist?
We can connect you with vetted real estate lawyers, mortgage brokers, and insurance brokers familiar with the specifics of condo and HOA transactions.
- HOA lawyer
- Mortgage broker
- Insurance broker