Outline
When buying or selling property in Indiana, the Real Estate Purchase Agreement form serves as a crucial document that outlines the terms and conditions of the transaction. This form typically includes essential details such as the purchase price, property description, and the closing date, ensuring both parties have a clear understanding of their obligations. It also addresses contingencies, which are conditions that must be met for the sale to proceed, such as financing approval or home inspections. Additionally, the agreement covers earnest money deposits, which show the buyer's commitment to the purchase and may be applied toward the down payment. Both buyers and sellers must understand the implications of the terms laid out in this agreement, as it can significantly affect the outcome of the transaction. By clearly defining the rights and responsibilities of each party, the Indiana Real Estate Purchase Agreement helps facilitate a smoother and more transparent process, ultimately leading to a successful real estate transaction.
Form Sample
Indiana Real Estate Purchase Agreement Template
This Indiana Real Estate Purchase Agreement (the "Agreement") is made the _____ day of ________________, 20____, by and between the undersigned Buyer(s), __________________________________________, and Seller(s), __________________________________________. This agreement outlines the terms and conditions under which the real estate located in the State of Indiana, detailed below, will be sold and purchased. This Agreement is subject to the Indiana Code, specifically the Indiana Residential Code as applicable and any other relevant state laws.
1. Property Information
The property to be sold under this Agreement is located at:
Address: ___________________________________________________________________
City: ________________________ County: ___________________ State: Indiana
Parcel ID: ____________________________
2. Purchase Price and Terms
The agreed upon purchase price for the property is $__________________.
The purchase price shall be paid as follows:
- Initial deposit of $_________________ to be paid upon execution of this Agreement.
- Additional funds in the amount of $_________________ to be paid on or before ___________________.
- The remaining balance of $_________________ to be paid at the time of closing.
3. Closing
The closing of the purchase and sale of the Property shall take place on ______________________, 20_____, or as otherwise agreed upon by the parties. All financial transactions shall be completed on or before the closing date.
4. Disclosures
The Seller agrees to provide the following disclosures:
- Lead-Based Paint Disclosure (for properties built before 1978).
- Seller’s Residential Real Estate Sales Disclosure.
5. Inspections
The Buyer is entitled to conduct any inspections of the property within ____ days after the execution of this Agreement. If the Buyer finds any unsatisfactory conditions, the Buyer may:
- Request the Seller to make repairs or adjustments.
- Cancel this Agreement and receive a full refund of the deposit.
- Accept the property in its current condition without requiring any modifications.
6. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana. Any disputes arising from this Agreement shall be settled in the courts located in the State of Indiana.
This Agreement represents the entire agreement between the Buyer(s) and Seller(s) concerning the sale of the Property. Any modifications to this Agreement must be made in writing and signed by both parties.
IN WITNESS WHEREOF, the Buyer(s) and Seller(s) have executed this Agreement as of the date first above written.
Buyer(s) Signature: _______________________________________ Date: _______________
Seller(s) Signature: _______________________________________ Date: _______________
Document Details
| Fact Name | Description |
|---|---|
| Purpose | The Indiana Real Estate Purchase Agreement is used to outline the terms and conditions of a property sale between a buyer and a seller. |
| Governing Law | This agreement is governed by Indiana state law, specifically the Indiana Code Title 32, which pertains to property law. |
| Offer and Acceptance | The form includes sections for the buyer's offer and the seller's acceptance, ensuring both parties agree to the terms. |
| Contingencies | Buyers can include contingencies, such as financing or inspection, which must be satisfied for the sale to proceed. |
| Earnest Money | The agreement typically requires an earnest money deposit, demonstrating the buyer's serious intent to purchase the property. |
| Closing Date | A specific closing date is often included, which is the date when the property title is transferred to the buyer. |
| Disclosure Requirements | Sellers must disclose certain information about the property, including any known defects, as mandated by Indiana law. |
| Signatures | Both parties must sign the agreement to make it legally binding, indicating their acceptance of the terms outlined. |
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