Purchase Agreement Indiana Real Estate

A real estate purchase agreement does not transfer the title of a house, building or land. Instead, it provides a framework for each party`s rights and duties before the title can be returned. For any questions or other information regarding the state`s surplus real estate process, please contact IDOA Real Estate Manager Steve Harless. 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. Take advantage of our real estate purchase agreement to outline an offer to buy real estate and the terms of sale. The seller of residential real estate (Form 46234) – this is a complete disclosure form that must be completed by the seller of a residential property and submitted to any potential buyer.

The seller`s residential real estate sales form informs the buyer of defects, problems or other information that must be disclosed before a sales and sale agreement is concluded. If you do not have a real estate purchase agreement, you and the other party do not have a clear understanding of your rights, potential risks and the potential economic impact of these potential risks. Without an agreement, it will be much more difficult to negotiate the extent of each party`s responsibility and enforce your legal rights. Eventuality: An eventuality is a condition that must be fulfilled for the purchase to take place. If the eventuality is not fulfilled, the buyer has the option to terminate the contract and not continue the purchase. Some examples of common contractual quotas are: Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) – mandatory at the federal level for residential real estate transactions involving a structure built before 1978, this disclosure insists that the seller provide the buyer with documents on all known details of the presence of lead in the apartment. This should also be accompanied by a set of information designed to inform readers of the potential risks associated with contact with hazardous material. Earnest Money Deposit: A serious money deposit is a deposit that shows the buyer`s good faith and obligation to continue buying the property.

In return for the buyer who makes a serious deposit of money, the seller removes the property from the market. At the conclusion of the purchase, the deposit of the money is credited with the purchase price. If the contract is terminated under the terms of the contract, the deposit of money is normally refunded to the buyer. Escrow: Escrow is a neutral third party that is responsible for holding money during the buying process. Earnest money deposits are usually placed in trust.