Create Legal Indiana Real Estate Forms For Free

The Indiana purchase agreement contains key information about the transaction, such as closing date, purchase price, specific contingencies, and any other information that both parties wish to include as part of the deal.

A straightforward sale in which title to property is granted in exchange for immediate payment of the full purchase price. A land contract in which the total purchase price is paid in a large down payment followed by monthly payments, with legal title transferred upon payment in full.

Land contract cons. Higher interest rates ? Since the seller is taking most of the risk, they may insist on a higher interest rate than a traditional mortgage. Ownership is unclear ? The seller retains the property title until the land contract is paid in full.

The Land Contract or Memorandum must contain the names of the buyer and seller and the seller must be the property owner of record. The Land Contract or Memorandum must contain the complete legal description of the property, which can be found on the property owner's previous deed.

Cancellation must be in writing: The cancellation must be signed, dated and delivered to the seller by midnight of the 3rd day after the contract is signed. You can either deliver the signed cancellation in person or send it through the mail; it must be postmarked within the cancellation period.

The buyer usually puts together the contract, which they present to the seller as an initial offering subject to negotiations. The seller can agree, reject, or counter the proposal. Once both parties come to mutual terms, the contract must be signed and executed in order to transfer the land legally.