As used in this chapter, "initial home buyer" means a person who:

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

2. (2) either:

   1. (A) occupies the new home as:

      1. (i) the home's first occupant; and
      2. (ii) a residence; or

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

      1. (i) the home's first occupant; and

      2. (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.