§ 5-20.8-1 - Definitions.
SECTION 5-20.8-1
§ 5-20.8-1 Definitions. – When used in this chapter, unless the context indicates otherwise:
(1) "Agent" means any individual or entity acting on behalfof a seller or buyer to effect the transfer of real estate. It includes listingagent, selling agent, buyer's agent, and their respective brokers.
(2) "Agreement to transfer" means a purchase and saleagreement, installment sales contract, option to purchase agreement or otheragreement intended to effect the transfer of real estate from a seller to abuyer.
(3) "Buyer" means any individual or entity seeking to obtaintitle to real estate from a seller for consideration.
(4) "Closing" means the time at which real estate istransferred from seller to buyer and consideration is delivered to the selleror to a settlement agent with the intention of imminent delivery upon therecording of pertinent documents and other ministerial acts associated withsettlement.
(5) "Deficient conditions" means any land restrictions,defect, malfunction, breakage, or unsound condition existing on, in, across orunder the real estate of which the seller has knowledge.
(6) "Real estate" means vacant land or real property andimprovements consisting of a house or building containing one to four (4)dwelling units.
(7) "Seller" means any individual or entity seeking totransfer title to real estate to a buyer for consideration.
(8) "Transfer" means the sale or conveyance, exchange of, oroption to purchase any real estate.