Real Estate in Indiana

Real estate in Indiana involves many different laws that you should know about before you sell your home. It is also advised that you contact a lawyer to have them help you out. Certain issues that you will face include: purchase agreements, legal title issues, closing costs, and specific performance.

Purchase Agreements

When somebody wishes to purchase your real estate in Indiana, then they will provide you with a purchase agreement. This legally binding document lays out all of their terms regarding the purchase. It is very important that you read over this carefully, having your attorney assist you. If there is something in the terms that you don’t agree with, then you may provide the buyer with a counter offer. This counter offer may ask for: higher purchase price, higher deposit, less time to remove contingencies, excluding items from the sale, giving you more time to move, and a liquidated damages clause.

Legal Title Issues

Legal title issues may possibly pop up during the sale of real estate in Indiana. First of all, have your lawyer look over the legal title of the property that you wish to sell before hand. This way you can catch problems before they occur. There may be an implied easement which would require you to provide the buyer with a right of way on the property, or there may be liens on the property as well. These liens may be the result of mortgages, mechanic’s liens, judgment liens, and unpaid tax liens.

Closing Costs

In the state of Indiana, the seller is usually responsible for most or all of the closing costs. This is, however, something that you can work out with the buyer during the sale process. These closing costs may include: broker’s commission, survey, title insurance, release of the mortgage, transfer taxes, attorney’s fees, and home inspections.

Specific Performance

Finally, specific performance is another issue that may arise when selling real estate in Indiana. This states that you as the seller must sell the property once you have agreed to do so. This protects the buyer from you changing your mind. The only reason why you may go back on the deal is in the event that the buyer does not fulfill a certain part of the bargain at any time. The law of Specific performance can have the court intervene in the matter and force you to sell the property otherwise.

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