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Indiana Real Estate Contract

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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:

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:

  1. A written contract that includes an offer an acceptance
  2. Legal purpose (the contract cannot break any laws)
  3. Consideration
  4. 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.

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Meet some of our Indiana Real Estate Contract Lawyers

Rhea J. on ContractsCounsel
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Member Since:
July 21, 2023

Rhea J.

Attorney at Law
Free Consultation
Evansville, IN
10 Yrs Experience
Licensed in IN
University of Illinois at Urbana-Champaign

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.

Andrew T. on ContractsCounsel
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Member Since:
July 24, 2023

Andrew T.

Attorney-at-Law
Free Consultation
Indianapolis, IN
11 Yrs Experience
Licensed in IN
Indiana University Maurer School of Law

I am a lawyer with over 10 years of experience drafting and negotiating complex capital agreements, service agreements, SaaS agreements, waivers and warranties.

Joseph B. on ContractsCounsel
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Member Since:
July 28, 2023

Joseph B.

Solo Practitioner
Free Consultation
Lebanon, IN
1 Yr Experience
Licensed in IN
Mitchell Hamline School of Law

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.

Christopher I. on ContractsCounsel
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Member Since:
August 1, 2023

Christopher I.

Business Attorney
Free Consultation
Merrillville, Indiana
9 Yrs Experience
Licensed in IN
Indiana University Mauer School of Law

Owner at Irak Law Office in Merrillville, Indiana. Licensed attorney since 2015. Primary focuses include business/corporate law, startup formation, and contract drafting. Love working with small businesses and entrepreneurs.

Kyle T. on ContractsCounsel
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Member Since:
September 7, 2023

Kyle T.

Associate Attorney
Free Consultation
Houston, Texas
2 Yrs Experience
Licensed in IN
South Texas College of Law

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.

Gunnar C. on ContractsCounsel
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Member Since:
October 3, 2023

Gunnar C.

Lawyer
Free Consultation
Indianapolis
12 Yrs Experience
Licensed in IN
Indiana University McKinney School of Law

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.

Charles D. on ContractsCounsel
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Member Since:
March 29, 2024

Charles D.

Construction/Real Estate Attorney
Free Consultation
Corydon, Indiana
13 Yrs Experience
Licensed in IN
Robert H. McKinney School of Law

I have practiced civil law for 13 years and have concentrated my practice serving the construction and real estate industries.

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Real Estate

Real Estate Contract

New York

Asked on Dec 26, 2021

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.

Answered Jan 11, 2022

I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.

Read 1 attorney answer>

Real Estate

Real Estate Contract

Illinois

Asked on Mar 27, 2022

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.

Answered Apr 5, 2022

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.

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Real Estate

Real Estate Contract

Georgia

Asked on Mar 18, 2022

WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233

SON AND EX

Meghan T.

Answered Mar 29, 2022

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

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Real Estate

Real Estate Contract

Georgia

Asked on Mar 24, 2022

How many years does a quick claim become effective?s

Number of years for quick claim to be effect ive

Meghan T.

Answered Mar 29, 2022

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

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