Updated on June 21st, 2023
The Indiana purchase agreement solidifies the terms of a residential property transaction. Typically, the buyer will use the contract to submit an offer for the seller to accept or counter. When both parties agree to its terms and provisions, they may sign the document to establish a legally-enforceable record of sale.
The contract must include critical components of the transaction such as 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 – PDF