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Indiana Real Estate Purchase Agreement A purchase and sale agreement is a very important and legally binding document that outlines the terms and conditions of the real estate contract that the buyer and the seller have both discussed and accepted.

Many Hoosiers mistakenly believe that they can legally cancel contracts or purchase decisions as long as they do it within three days of making an agreement. In most cases, that's simply incorrect. Under Indiana law, a sale is usually considered final immediately.

A purchase and sale agreement is used to document the parties' intentions and the terms they have agreed will govern the transaction. You can include specific terms like the product or property, the price of the product or property, conditions for the delivery of the product, and the date of product delivery.

At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.

A purchase and sale agreement, also called a sales and purchase agreement or a purchase and sales contract, is a legally binding document that parties in a transaction use to stipulate the terms and conditions that will guide the sale and transfer of goods or property.

If the buyer cannot pay the balance during the redemption period, then the seller receives a judgment and the property is sold at a sheriff's sale. In a sheriff's sale the seller and others bid on the property in question. The seller can bid up to the amount of the judgment they receive (the amount owed by the buyer).