Purchase Agreement Indiana

Working with an Indiana real estate lawyer early in the home buying or selling process is the key to avoiding disputes over the sale of homes in Indiana. Corey Meridew at Camden -Meridew, P.C. is an experienced real estate lawyer who can go through buying or selling your home. For a free consultation, call us at 317-770-0000 or fill out our online contact form. For example, real estate purchase contracts often contain a clause allowing the buyer to terminate the contract when an independent inspection finds a major shortage in the home. In Fischer v. Heymann, the independent inspection of the buyers` apartment, called it “great concern” that two catches in the condominium did not work. The buyers finally applied to be made redundant from the sales contract, sticking to the language of the “great defect” of the sales contract. The problem was only resolved by pressing the GFI reset button, and the seller sued the buyers. Buying or selling a home is an important financial event that can also result in a significant emotional investment. So it`s no wonder that there may be disputes in home sales in Indiana that jeopardize your financial and emotional investment. 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. The Indiana Department of Administration is responsible for the disposal of surplus land held by the state of Indiana. Based on IC 4-20.5-7, the ministry`s disposition policy has two procedures for the sale of land: sealed auctions and live auctions. The unit conducts a judicial investigation on the basis of ownership of the property. The purchase of land at market prices, as set as part of the auction or sealed auction procedure, is given to public authorities, universities and political sub-divisions. Real estate in which no state agency, university or political sub-department informs the department of their interest is awarded to the bidder with the highest bid or auction amount, which is equal to or greater than the value assessed. 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.