[IN] [IN] How do I prepare a formal purchase agreement that fulfills all the legal requirements of a real estate transaction?
I live in Indiana and am purchasing a home that is for sale by owner. I have received a pre-qualification/approval letter from my lending/mortgage company. How do I prepare a purchase agreement that is formal and fulfills all legal requirements of the transaction?
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So in this case, the best thing to do is to include the names of the parties involved, the price, the payment methods and also the date the transaction is supposed to close. Additionally, Indiana law requires that contracts for the sale of real property be in writing and signed by the party to be charged (IN Code § 32-21-1-1). I've uploaded a basic contractual agreement you can use.
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Indiana Residential Purchase Agreement
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I live in Indiana and am purchasing a home that is for sale by owner. I have received a pre-qualification/approval letter from my lending/mortgage company. How do I prepare a purchase agreement that is formal and fulfills all legal requirements of the transaction?
Lexi, Chatbot
I understand the importance of having a formal purchase agreement. Have you already discussed the terms of the sale with the seller?
Yes.
Lexi, Chatbot
Are there any specific conditions or contingencies you would like to include in the purchase agreement, such as a home inspection or financing contingency?
No.
Lexi, Chatbot
Is there anything else the Real Estate Lawyer should know before I connect you? Rest assured they'll be able to help with your purchase agreement.
No.
Legal Eagle
Hello! Legal Eagle here, and I am an attorney specializing in your area of law.
The owner does not have their own document, I presume?
Correct. We use the same mortgage company and we are both trying to keep costs down and are very open and straightforward concerning the property and structures.
Legal Eagle
Have you considered how you will handle any potential disputes or issues that may arise during the transaction?
We don't foresee any major issues arising and both parties are open to negotiations concerning down payments, concessions, repairs, removables, etc.
I do have a personal lawyer but not a specific real estate lawyer.
Legal Eagle
Ok I've got what you're getting at here! Were there any other facts you'd like to add before I answered your question?
Legal Eagle
So I haven't heard back from you in a while on this, which is no big deal! Without the information I asked for in my request, I can only give you this general answer:
Legal Eagle
So in this case, the best thing to do is to include the names of the parties involved, the price, the payment methods and also the date the transaction is supposed to close. Additionally, Indiana law requires that contracts for the sale of real property be in writing and signed by the party to be charged (IN Code § 32-21-1-1). I've uploaded a basic contractual agreement you can use.
Legal Eagle
Hello! I want to make sure ALL of your concerns were addressed. Did you have any concerns about this that still need to be addressed? I'm happy to help.
Legal Eagle
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