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
(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.