It is important to note that there is a separate property law governed by a owners association (p. 32-21-5-8.5) that requires the seller to provide the purchaser with a copy of the registered administrative documents, an evaluation statement and information about the HOA`s administrative services. On the seller`s disclosure form, the box adjacent to the HOA issue must be reviewed and the necessary information inserted in the “Additional Comments” section or added in addition. 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. The seller then has the choice to accept or counter at a better price and/or adjusted provisions. If both parties can agree on the terms of the agreement, they can sign the document containing a concrete record of the sale, which is legally applicable. Some of the critical components to be included in the contract are the sale price, the location of the real estate, the financing terms and the completion date. 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. 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.