Indiana Real Estate Contract: Different Types and Key Terms to Include
Quick Facts — Real Estate Contract Lawyers
- Avg cost to draft a Real Estate Purchase Agreement: $860.00
- Avg cost to review a Real Estate Purchase Agreement: $620.00
- Lawyers available: 235 real estate lawyers
- Clients helped: 622 recent real estate contract projects
- Avg lawyer rating: 4.82 (53 reviews)
What is an Indiana Real Estate Contract?
An Indiana real estate contract is a legally binding agreement between a buyer and seller for the purchase and sale of real property. This contract usually includes negotiated information like:
- Purchase price
- Closing date and costs
- Contingencies that must be met
- State required seller disclosures
A real estate contract outlines the responsibilities of both parties, including the buyer's obligation to pay for the property and the seller's obligation to transfer ownership. The contract may also include information about financing and title insurance.
Common Indiana Real Estate Contracts
There are several types of real estate contracts used in Indiana. The two most common include:
- Residential purchase agreement. The most common type of real estate contract used for buying and selling residential homes.
- Commercial purchase agreement. Used when the property being purchased or sold is commercially zoned for the purpose of running a business.
4 Essential Elements of an Indiana Real Estate Contract
Real estate contracts will include a lot of information, but certain contract elements are required to make the contract legally binding.
The four essential elements that are required in all Indiana real estate contracts include:
- A written contract that includes an offer an acceptance
- Legal purpose (the contract cannot break any laws)
- Consideration
- Signatures of all parties involved in the contract
How Do I Get Out of a Real Estate Contract in Indiana?
There are a couple of ways that a party may back out of a real estate contract in Indiana, however this depends heavily on how the contract was drafted.
Some real estate contracts will include a cancellation clause that allows either party to terminate the contract under certain conditions. This clause may be triggered by the buyer or seller failing to meet a contingency or deadline. A contract can also be cancelled if both parties agree to terminate the contract or if either party breaches the terms of the contract.
Frequently Asked Questions
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Meet some of our Indiana Real Estate Contract Lawyers
Joseph B.
I am an attorney licensed in Indiana. I currently work primarily on civil litigation, landlord/tenant matters, and adoption cases. I have over 10 years of labor relations experience, including negotiations, labor contract enforcement, and arbitration experience. I also work with several non-profit groups representing LGBTQ+ groups and indigent clients in housing matters.
"Joseph gave me a great deal on a detailed lease with everything I needed included. Would definitely recommend!"
Rhea J.
I am a graduate from Wittenberg University and University of Illinois at Urbana-Champaign. I have been admitted to the Indiana bar since 2013. I have collaborated on several writing projects for the Indiana State Bar.
July 24, 2023
Andrew T.
I am a lawyer with over 10 years of experience drafting and negotiating complex capital agreements, service agreements, SaaS agreements, waivers and warranties.
August 1, 2023
Christopher I.
• Owner and managing attorney at the Irak Law Office in Indiana. • Practice areas include business law, startup formation, contract drafting, and deal structuring. • Passionate about serving entrepreneurs and small business owners. For more, visit https://iraklaw.com
Kyle T.
Obtained J.D. in December 2021, admitted to the Indiana Bar in November 2022. Began working as a clerk for civil defense firm in March 2022 and have been the same firm to the present, currently working as an Associate Attorney.
October 3, 2023
Gunnar C.
I am a multifaceted lawyer, experienced in corporate law, nonprofits, private equity, real estate, financial services, taxation, trust and estate planning, and philanthropy. I am a strategic thinker and cross-functional collaborator who understands the importance of balancing revenue needs with business-minded legal counsel. I am skilled and experienced in preparing and reviewing SaaS agreements, service and vendor agreements, confidentiality, NDAs, data privacy, IP, licensing, real estate transactions, and partnership agreements.
March 29, 2024
Charles D.
I have practiced civil law for 13 years and have concentrated my practice serving the construction and real estate industries.
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Browse Lawyers NowLawyer Reviews for Indiana Real Estate Contract Projects
Real estate home purchase contract review
"Ryenne was very prompt. thanks for your help Ryenne."
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1763 N. 6th Street
"Had a really good experience with Dolan...He answers questions quickly and provides real life support with legal documents to back it up. He met my needs as situations arised. Really couldn't move forward without feeling vulnerable. Having Dolan by my side was a huge relief mentally and spiritually. Many thanks Dolan!!!"
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Review Real Estate Purchase Agreement
"Very knowledgeable and helpful. We would work with him again ."
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Flat Fee Purchase Agreement Drafting for Real Estate Transaction
"Thank you, if I have a few tweaks here and there, hopefully NONE please help."
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Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
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Review a real estate contract to make sure I am protected as a seller.
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