For any questions or other information regarding the state`s surplus real estate process, please contact IDOA Real Estate Manager Steve Harless. In real estate, a sales contract is a contract between a buyer who wants to buy a house or other land and a seller who owns and wishes to sell this property. A real estate purchase contract is usually offered by a buyer and is subject to the seller`s acceptance of the terms. Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. In some states, sellers are required to provide additional documentation to ensure the status of the accommodation. While other states require the seller to reveal a certain type of problem on the ground, such as. B a material error. In Indiana, in addition to the sales contract, you must complete the following documents: Escrow: Escrow is a neutral third party that is responsible for holding funds during the purchase transaction. Earnest money deposits are usually placed in trust. Escrow protects both parties until contractual risks have been taken.
For example, a buyer could put his or her serious money deposit in trust until a home inspection is completed, and be sure that if he has problems with the inspection and the buyer decides not to proceed with the contract, he or she will receive the serious money deposit from the fiduciary party. Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) – Federally mandated for residential real estate transactions with 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. Imagine that this document is a roadmap for the period between the signing of the agreement and the conclusion of the sale. You should use this agreement if a) you are a potential buyer or seller of real estate, (b) define the legal rights of each party to the sale and (c) define the respective obligations of each party before the transfer of ownership. 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: the contract for the sale of residential real estate in Indiana („a contract for the purchase and sale of dwellings“) is a legally binding agreement between the buyer and the seller for the purchase of residential real estate.