One of the most important things about the buying process that a potential buyer or seller needs to understand fully before signing any real estate contract is the purchase agreement.
This type of document is commonly used by members of the Indiana Association of Realtors and homeowners association when conducting sales and purchases of real estate properties throughout the state.
If you are in Indiana and you are thinking of buying or selling your residential property, visit doorloop.com for all the information and forms needed when making an Indiana residential purchase.
A purchase and sale agreement is a very important and legally binding document that outlines the terms and conditions of the real estate contract that the buyer and the seller have both discussed and accepted.
The Indiana purchase agreement contains key information about the transaction, such as closing date, purchase price, specific contingencies, and any other information that both parties wish to include as part of the deal.
The following are some of the key features of an Indiana residential purchase agreement:
By law, the seller needs to disclose certain key information about the property to the buyer or homeowners association of the area that may affect the terms, price, or contingencies of the purchase agreement.
The following disclosures are required in an Indiana purchase agreement:
After several stages of negotiating, if a seller rejects the counteroffer made by the buyer, the purchase and sale agreement needs to be terminated.
If the reason for the termination of the contract is not outlined in any clauses in the purchase agreement, the buyer and seller may face penalties.
Reasons for terminating a purchase agreement can include:
If you are thinking of buying or selling a home in Indiana, you will need all the help you can get concerning the purchase agreement. Doorloop is the one-stop shop for all the resources and forms that you will need.