1. (a) As used in this chapter, "residence in inventory" means real property that:

   1. (1) is not a model residence (as defined in IC 6-1.1-12.6-1 ); and

   2. (2) consists of any of the following that has never been occupied:

      1. (A) A single family residence.
      2. (B) A single family townhouse.
      3. (C) A single family condominium unit.
2. (b) The term does not include any of the land on which the residence, townhouse, or condominium unit is located.

3. (c) Real property described in subsection (a) that is used by the owner as the owner's regular office space may not be considered a residence in inventory for purposes of this chapter. However, this subsection does not prohibit the use of a garage or other space in the real property:

   1. (1) to store or display material used to promote the real property or other similar properties; or
   2. (2) as a space for meetings with prospective buyers or lessees.

As added by P.L.175-2011, SEC.2.