Everything You Need To Know About Composing a Real Estate Purchase Agreement in Indiana
Have you finally found a house in Indiana you would like to call home? Draw up a real estate purchase agreement and get your dream property.
Creating legal documents can be confusing unless you’re a lawyer or someone who knows how the law works. Are you worried that you don’t know how to write a contract? We have got you covered! DoNotPay can teach you everything you need to know about creating a real estate purchase agreement in Indiana.
A real estate purchase contract regulates the terms of buying a property. It establishes the duties and responsibilities of the seller and buyer during the sale.
Real estate purchase contracts can be used to buy any type of real property provided one of the following conditions is met:
- The property must have a previous owner
- Construction must be finished before the contract’s closing date
There are several alternative names of this agreement, such as:
- A real estate sales contract
- Home sale contract
- Agreement to purchase real estate
There are four essential elements for a contract to be valid in Indiana:
- Consideration—The seller considers exchanging their property for the buyer’s assets or money
- Offer—The buyer makes an official offer to buy the property
- Acceptance—The seller accepts the offer. Both parties set out specific terms and conditions for the purchase
- Legal capacity—Both parties must be above 18 and legally and mentally capable
Make sure that your real estate sales contract in Indiana meets the above criteria.
Every real estate purchase contract is unique. If you’re creating the legal document yourself, check out contract templates online to figure out how to structure your contract. Try not to copy-paste the entire document because free templates are often outdated and don’t give you the option to customize the agreement. Here are a few essential provisions every real estate purchase contract should have:
|Information about the buyer and the seller||
|Earnest money||A percentage of the actual price to ensure the buyer’s interest. It is held in escrow and goes to the seller even if the buyer backs out|
|Signature||Signatures of both parties to show they have read and understood the terms and conditions|
Sellers in Indiana are required to fill out a real estate sales disclosure form. It is a checklist to disclose any defects or damages to the property and must be given to the buyer before signing the contract. Sellers must release the following information:
- Any material defects in the house structure
- Issues with major systems
- Defects in the included appliances and fixtures
- If the house served as a meth lab, it is the seller’s responsibility to decontaminate the premises before selling it
The seller does not need to hire an external inspection team. Indiana law requires them to disclose only the defects they know about.
The seller is not obligated to disclose anything if:
- The transfer is from a husband to the joint custody of both husband and wife
- A married couple transfers the property to their living trust
- Parents transfer the ownership title to their children
If both parties sign the document, it automatically becomes legally enforceable. If you back out without notice or reason, you will violate the contract and be subject to penalties, including lawsuits.
If you want to avoid complicated court proceedings but want to terminate the contract, you can make an out-of-court deal with the other party.
Creating agreements and other legal documents can be quite a hassle when you don’t know the first thing about the legal system or jargon. You could always hire a lawyer to help you out, but they can be super expensive. Lucky for you, there’s a better alternative! Use DoNotPay to generate your contract within minutes!
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At the moment, we can generate the following documents:
- Non-Disclosure Agreement
- Independent Contractor Agreement
- Bill of Sale
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- Intent To Purchase Real Estate
- Estoppel Certificate
- Quitclaim Deed
- General Affidavit
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- Prenuptial Agreement
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DoNotPay is working diligently to add more options to the list.
If you want to find out more about legal documents, DoNotPay’s learning center overflows with helpful articles about:
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- Purchase agreements
- Arbitration agreements
- Partnership agreements
- Joint venture agreements
- Basic rental agreements
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- Marital settlement agreements
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