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. 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. 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. 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. For any questions or other information regarding the state`s surplus real estate process, please contact IDOA Real Estate Manager Steve Harless. A purchase and sale agreement in Indiana is a legally binding contract between a seller and buyers of residential real estate.