Indiana Land for Sale on Contract in a Nutshell
Entering into a land sale contract is a tricky business, regardless of the state you live in.
If you don’t want to enter into a traditional real estate sale or purchase, this article will explain how the alternative works. Read on to learn everything you need to know about land for sale on contract in Indiana, whether you are a buyer or a seller.
You will also learn how you can write contracts on your own with the help of DoNotPay—the world’s first robot lawyer!
What Is a Land for Sale Contract, and How Does It Work in Indiana?
A land for sale contract is a legal document that allows sellers and buyers to make an exchange without the assistance of a third party. Instead of a buyer securing a mortgage from a bank or another financial institution, a seller agrees to finance the property.
The buyer acquires the possession of land when they sign the land for sale contract and make a down payment. The seller, though, retains the legal title of the property until the full purchase price is paid for in installments.
In Indiana, you can enter into a land for sale contract when you define the main terms of the agreement with the other party, such as:
- Down payment amount
- Payment schedule
- Interest rate
- Contract duration
By using a land for sale contract in Indiana, you can buy or sell:
- Land and the homes attached to it
- Hunting land
- Wooded property
The Benefits of a Land for Sale Contract
The land for sale contracts give more freedom to both parties to agree on the terms they can benefit from. This isn’t the case when a third party is involved and can dictate certain conditions on the purchase of land.
Check out the table below to see why people opt for using a land for sale contract:
|Advantages of the Land for Sale Contract|
|For the Buyer||For the Seller|
How To Draft Your Indiana Land for Sale Contract
There are three options when it comes to getting your land for sale contract. You can:
- Hire a lawyer—Land for sale contracts aren’t too complicated, so this option is both costly and probably unnecessary
- Use a contract template—Templates are free but usually too general. You have to spend a ton of additional time researching what the included clauses mean and adding the ones you need
- Write your own contract—By using a land contract form, you can write the agreement by yourself
What Information Does Your Indiana Land for Sale Contract Have To Include
If you decide to write your Indiana land for sale contract, you’ll find that the process isn’t too time-consuming. All you need to do is include these pieces of information:
- Full names of the seller and the buyer
- Mailing addresses and the contact information of the parties
- Land’s legal description and title
- Land’s inspection report
- All the payment information, including down and balloon payment amounts and the payment schedule
- A statement that establishes who is responsible for repairs and maintenance on the property
- Date when the contract goes into effect and its duration
- Date when the buyer can obtain possession of the property
Note that if the buyer breaches the terms of the contract, the seller can keep all the payments made, evict the buyer from the land, and maintain the real estate property.
Before the seller takes any such action, though, they are obliged to give notice to the buyer, allowing them time to cover all the payments they might be late with and avoid the eviction. Details regarding this should also be included in your contract.
Bonus Tips for Buyers Signing a Land for Sale Contract
Buyers who are considering entering into a land for sale contract should:
- Research the seller thoroughly to avoid being scammed or signing a bad deal
- Inquire about the condition of the property
- Be careful not to sign the contract if any of the terms don’t sit well with them
- Consider seeking professional help if they don’t understand all the contract’s terms or if the contract duration is longer than a few years
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