Indiana Real Estate Purchase Agreement

The Indiana residential real estate purchase agreement (“residential purchase and sale agreement”) is a legally binding agreement between a buyer and seller for the purchase of residential property. Up until the date that the buyer’s offer closes, the seller may choose to accept the offer, negotiate, or refuse it.

Do Sellers in Indiana Have to Disclose Property Defects?

Indiana does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.

Required Seller Disclosures in Indiana

• Seller’s Residential Real Estate Sales Disclosure . In Indiana, the Seller’s Residential Real Estate Sales Disclosure must be completed by the seller of a residential property and presented to any potential buyer. This form will let the buyer know of any defects, issues, or other information* that they should be made aware of before completing a purchase and sale agreement.
• Homeowners’ Association. 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. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.

Frequently Asked Questions

How Do You Write a Real Estate Contract in Indiana? To write a real estate contract in Indiana, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in Indiana? You can get out of a real estate contract in Indiana during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. Read more » What Is the Effective Date of a Real Estate Contract in Indiana? In Indiana, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Indiana? In Indiana, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in Indiana? To fill out a real estate contract in Indiana, first, download our customizable Indiana real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. • Property. Address of the property • Purchase price. The amount the buyer will pay to own the property • Payment. How and when the transaction between the buyer and seller will take place Read more »