The Indiana residential real estate purchase agreement (“residential purchase and sale agreement”) is a legally binding agreement between a buyer and seller for the purchase of residential property. Up until the date that the buyer’s offer closes, the seller may choose to accept the offer, negotiate, or refuse it.
Required Seller Disclosures in Indiana
Residential real estate purchase agreements normally contain promises and provisions guaranteeing a property’s condition. In some states, sellers are required to provide additional documentation guaranteeing the property’s condition. While other states require the seller to disclose a specific type of issue on the property—such as a material defect. In Indiana, you will also need to complete the following paperwork in addition to the purchase agreement:
Seller’s Residential Real Estate Sales Disclosure. In Indiana, the Seller’s Residential Real Estate Sales Disclosure must be completed by the seller of a residential property and presented to any potential buyer. This form will let the buyer know of any defects, issues, or other information* that they should be made aware of before completing a purchase and sale agreement. (§ 32-21-5-7)
Common Interest Community Disclosure. Sellers are required to disclose if the property is governed by a homeowner’s association. (§ 32-21-5-8.5)