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Yes, a home seller can back out of a real estate contract, but only in instances in which they're willing to compensate the buyer for their trouble, or they sold to a buyer who is also experiencing buyer's remorse.
Whether you are buying or selling a house in Indiana, it's always a smart move to have an attorney with local real estate law expertise to advise and guide you in what will undoubtedly be one of the biggest transactions of your life.
Although Indiana license law requires broker attendance at closing, there is an exception that if your client does not attend, then the broker does not have to attend. Remote closings for your client, or requests not to appear in person, may lend itself to falling within this exception.
A purchase and sale agreement is different from a purchase agreement in one particular way. Rather than complete the transaction, a purchase and sale agreement will facilitate it while providing clear guidance regarding party responsibility. By signing the contract, you do not agree to buy or sell the house.
Even just closing one deal every two months, an amateur wholesale investor could make around $50,000 in their first year. While not expected right out the gate, it's easy to find examples of annual wholesale real estate salaries of $240,000-$600,000 by selling 5-10 wholesale houses monthly.
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\u201cGenerally, a seller can't cancel without cause,\u201d Schorr says. \u201cYou could build in some contingency, but absent that, you had better be committed to the sale. There has to be a contingency, or the buyer's failure to perform.\u201d One common way in which buyers fail to perform is not being able to secure a mortgage.
You can get out of a real estate contract in Indiana during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. If the seller agrees to the offer and has not signed it yet, it can be rescinded.
As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.
Is wholesaling real estate illegal? Absolutely not, as long as you abide by the laws set forth in your state. Wholesaling with a real estate license is legal, but you need to disclose your position as a real estate professional.
Unlike some states, Indiana does not require that sellers involve a lawyer in the house-selling transaction. Even if it's not required, you might decide to engage a lawyer at some point in the process\u2014for example, to review the final contract or to assist with closing details.

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