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Indiana real estate purchase agreement 2023

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In Witness Whereof Buyer and the Seller have through their duly authorized representatives entered into this Real Property Purchase Agreement. The parties having read and understood the foregoing terms do by their respective signatures dated below hereby agree to the terms thereof. BUYER By Member SELLER State of Indiana acting through the Indiana Department of Administration. EXHIBIT A Legal Description from the records of the State Land Office A-1 B-1. In consideration of this Agreement Selle ...

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Does a land contract have to be notarized in Indiana?

Requires that the executed principal dwelling land contract or a memorandum of land contract be notarized. Provides that, if the buyer defaults, then the seller and buyer may execute a notarized release of land contract quitclaim deed, and both shall be recorded by the seller within 30 days of execution.

What happens if a buyer defaults on a land contract in Indiana?

If a buyer defaults, the seller cannot simply take possession of the property, with the buyer losing all the payments already made. Instead, the seller must foreclose, sell the property, and pay to the buyer any proceeds from the sale in excess of the unpaid balance of the purchase price.

What is the purpose of a purchase agreement?

A purchase agreement is a type of contract that outlines terms and conditions related to the sale of goods. As a legally binding contract between buyer and seller, the agreements typically relate to buying and selling goods rather than services. They cover transactions for nearly any type of product.

What are the 6 contracts promulgated by TREC?

The Commission recently adopted changes to the following contract forms: Unimproved Property Contract. New Home Contract (Complete Construction) Notice of Buyer's Termination of Contract. Addendum Regarding Residential Leases.

What is a trec unimproved property contract?

Unimproved Property Contract (Form ID: 9-15) 09/01/2021. Description: This contract form is for property that does not have physical buildings, additions or fixtures on the land. It is generally used for property that has been platted (has a recorded Lot/Block legal description).

when to use unimproved property contract

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How land contracts work in Indiana?

A land contract is a fairly simple concept. Basically, the seller finances the purchase instead of going through a mortgage lender. Instead of taking out a mortgage, the buyer agrees to make regular payments directly to the seller, who still retains ownership of the property.

How do I fill out a unimproved TREC contract?

1:10 14:42 UNIMPROVED PROPERTY CONTRACT - YouTube YouTube Start of suggested clip End of suggested clip Price payable by buyer are closing. Then b is the sum of all financing if there is financingMorePrice payable by buyer are closing. Then b is the sum of all financing if there is financing involved.

Can a buyer back out of a purchase agreement Indiana?

If the seller agrees to the offer and has not signed it yet, it can be rescinded. According to Indiana law, buyers may also cancel their purchase for a full refund until midnight of the third business day after the sale. The information for this answer was found on our Indiana Real Estate Purchase Agreement answers.

What is a purchase agreement in Indiana?

The Indiana residential real estate purchase agreement (\u201cresidential purchase and sale agreement\u201d) is a legally binding agreement between a buyer and seller for the purchase of residential property. Up until the date that the buyer's offer closes, the seller may choose to accept the offer, negotiate, or refuse it.

Who pays property taxes on a land contract?

The Land Contract or Memorandum must contain the address where property tax bills will be mailed. The Land Contract or Memorandum must state that the buyer is responsible for paying the property taxes. The Land Contract or Memorandum must be selling the property.

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Does a land contract have to be notarized in Indiana?

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What are the 6 contracts promulgated by TREC?

What is a trec unimproved property contract?

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How land contracts work in Indiana?

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What is a purchase agreement in Indiana?

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