Indiana Real Estate Contract: Different Types and Key Terms to Include

Quick Facts — Real Estate Contract Lawyers

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.

Frequently Asked Questions

How do I hire a lawyer to draft a real estate contract in Indiana?
How much does it cost to hire a lawyer to draft a real estate contract in Indiana?

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