An Indiana residential purchase agreement is a binding contract between a buyer and a seller for the sale of a home, detailing price, property condition, closing terms, and both parties’ duties. This document is common in Indiana real estate transactions and essential for buyers and sellers to understand.
Typically prepared by the buyer’s agent, it must be understood and agreed upon before signing. The seller can accept, negotiate, or refuse the buyer’s offer until closed, leading to the execution of the final agreement.
Required Seller Disclosures
Lead-Based Paint Disclosure
Federal law (42 U.S. Code § 4852d) requires sellers to disclose any known lead hazards for homes built before 1978.
Seller’s Residential Real Estate Sales Disclosure (Form 46234)
It is required that the seller fills out and provides this document to all potential purchasers. This document informs the buyer about any faults, problems, or additional important details they need to be aware of, as per § 32-21-5-7.
*It’s essential to know that a specific law mandates sellers under a homeowners association to give buyers the HOA’s governing documents, assessment details, and management information. Additionally, sellers must mark the appropriate box on the disclosure form regarding HOA and provide necessary details in the comments or as an addendum [1] .
Do Sellers in Indiana Have to Disclose Property Defects?
In Indiana, sellers must disclose any significant defects in real estate. Unlike some states where “buyer beware” applies, meaning buyers need to inspect properties themselves, Indiana ensures sellers share this responsibility. In “buyer beware” states, failing to inspect could leave buyers without recourse to undo the sale.
