The Indiana purchase agreement solidifies the contractual bond between a seller and buyer participating in a real estate transaction for the sale of residential property. Most of the time, the individual interested in purchasing the property will utilize the contract to submit an offer that will be presented to the seller. The seller then has the choice to accept or counteroffer for a better price and/or adjusted provisions. If both parties can come to an accord on the terms & conditions within the agreement, they can then sign the document establishing a concrete record of the sale that is enforceable by law. A few of the critical components that must be included within the contract are the sales price, property location, finance terms, and closing date.
Homeowners’ Association (§ 32-21-5-8.5) – If the property being sold falls under the rules and regulations of a Homeowners’ Association, the seller is legally obliged to supply the prospective buyer with all governing documents pertaining to the organization.
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – Required nationwide for residential real estate transactions involving a structure that was built before 1978, this disclosure insists that the seller provides documentation to the home purchaser concerning any known details about the presence of lead within the dwelling. This should also be accompanied by an informational packet educating readers of the possible risks of coming into contact with the hazardous material.
Seller’s Residential Real Estate Sales Disclosure (Form 46234) (§ 32-21-5-10) – Prior to accepting the prospective buyer’s offer, the seller is legally responsible to furnish them with a completed copy of the aforementioned disclosure form which records various inquired material facts/defects regarding the property that will be under contract.
Indiana Association of Realtors – Adobe PDF