The Indiana sales contract consolidates the contractual obligation between a seller and a buyer participating in a real estate transaction for the sale of residential real estate. Most of the time, the person interested in buying the property will use the contract to make an offer to the seller. The seller then has the choice to accept or counter at a better price and/or adjusted provisions. If both parties can agree on the terms of the agreement, they can sign the document containing a concrete record of the sale, which is legally applicable. Some of the critical components to be included in the contract are the sale price, the location of the real estate, the financing terms and the completion date. A purchase and sale agreement in Indiana is a legally binding contract between a seller and buyers of residential real estate. This contract includes all elements of the sale of the property, including the price, condition of the land, inspections, closing conditions, rights and responsibilities of both parties, including important conditions. Both parties must sign the contract, but only after the seller has accepted the buyer`s offer and all conditions have been agreed. The seller is also required to provide the buyer with a disclosure form detailing the various material defects and relevant information about the property. For any questions or other information regarding the state`s surplus real estate process, please contact IDOA Real Estate Manager Steve Harless.
The seller of residential real estate (Form 46234) – this is a complete disclosure form that must be completed by the seller of a residential property and submitted to any potential buyer. The seller`s residential real estate sales form informs the buyer of defects, problems or other information that must be disclosed before a sales and sale agreement is concluded. Conclusion: The conclusion is the final step in a real estate transaction between the buyer and the seller. All contracts are concluded, money is exchanged, documents are signed and exchanged and title is transferred to the buyer. A real estate purchase agreement does not transfer the title of a house, building or land. Instead, it provides a framework for each party`s rights and duties before the title can be returned. Earnest Money Deposit: A serious money deposit is a deposit that shows the buyer`s good faith and obligation to continue buying the property.