Fillable INDIANA RESIDENTIAL REAL ESTATE PURCHASE AGREEMENT

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INDIANA RESIDENTIAL REAL ESTATE PURCHASE AGREEMENT

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Buyer’s Initials _______ Seller’s Initials _______
Page 1 of 8
INDIANA RESIDENTIAL REAL ESTATE
PURCHASE AGREEMENT
1. Buyer and Seller. This Real Estate Purchase Agreement (“Agreement”) made on
____________________, 20___ (“Effective Date”) between ____________________ (“Buyer”)
with a mailing address of ____________________, City of ____________________, State of
____________________ who agrees to buy and ____________________ (“Seller”) with a mailing
address of ____________________, City of ____________________, State of
____________________, who agrees to sell and convey real and personal property as described
in Section 2 of this Agreement. Buyer and Seller shall be collectively known as the “Parties.”
2. The Property. The real property is located at the street address of ____________________,
City of ____________________, State of Indiana that is best described as the following:
(check one)
☐ - Single-Family Home
☐ - Condominium
☐ - Planned Unit Development (PUD)
☐ - Duplex
☐ - Triplex
☐ - Fourplex
☐ - Other: _________________________________________________________________
Tax Parcel Information (i.e., “Parcel ID” or “Tax Map & Lot”): __________________________
a.) Personal Property. In addition to the real property described in this Section, the
Seller shall include the following personal property: ___________________________
_______________________________________________________________________
b.) Fixtures. In addition to the real property described in this Section, the Seller DOES
NOT include the following fixtures: ________________________________________
_______________________________________________________________________
The real property, personal property, and fixtures shall be known as the “Property”.
3. Purchase Price. Buyer agrees to purchase the Property for $____________________
(____________________ Dollars) via: (check one)
☐ - All Cash Offer. No loan or financing of any kind is required in order to purchase the
Property. Buyer shall provide Seller written third (3
rd
) party documentation verifying
sufficient funds to close no later than ____________________, 20___ at ____:____ ☐ AM
☐ PM. Seller shall have three (3) business days after the receipt of such documentation to
notify Buyer, in writing, if the verification of funds is not acceptable. If Buyer fails to provide
such documentation, or if Seller finds such verification of funds is not acceptable, Seller
Buyer’s Initials _______ Seller’s Initials _______
Page 2 of 8
may terminate this Agreement. Failure of Seller to provide Buyer written notice of objection
to such verification shall be considered acceptance of verification of funds.
☐ - Bank Financing. The Buyer’s ability to purchase the Property is contingent upon the
Buyer’s ability to obtain financing under the following conditions: (check one)
☐ - Conventional Loan
☐ - FHA Loan (Attach Required Addendums)
☐ - VA Loan (Attach Required Addendums)
☐ - Other: __________________________________________________________
a.) In addition, Buyer agrees, within a reasonable time, to make a good faith loan
application with a credible financial institution;
b.) If Buyer does not reveal a fact of contingency to the lender and this purchase
does not record because of such nondisclosure after initial application, the
Buyer shall be in default;
c.) On or before ____________________, 20___, the Buyer will provide the Seller
a letter from a credible financial institution verifying a satisfactory credit report,
acceptable income, source of down payment, availability of funds to close, and
that the loan approval ☐ is ☐ is not contingent on the lease, sale, or recording
of another property;
d.) In the event the Buyer fails to produce the aforementioned letter or other
acceptable verification by the date above in Section V(c), this Agreement may
be terminated at the election of the Seller with written notice provided to the
Buyer within ____ days from the date in Section V(c);
e.) Buyer must obtain Seller’s approval, in writing, to any change to the letter
described in Section V(c) regarding the financial institution, type of financing, or
allocation of closing costs; and
f.) Buyer agrees to pay all fees and satisfy all conditions, in a timely manner,
required by the financial institution for processing of the loan application. Buyer
agrees the interest rate offered by lender or the availability of any financing
program is not a contingency of this Agreement, so long as Buyer qualifies for
the financing herein agreed. Availability of any financing program may change at
any time. Any licensed real estate agent hired by either party is not responsible
for representations or guarantees as to the availability of any loans, project
and/or property approvals or interest rates.
☐ - Seller Financing. Seller agrees to provide financing to the Buyer under the following
terms and conditions:
a.) Loan Amount: $____________________
b.) Down Payment: $____________________
c.) Interest Rate (per annum): ____%
d.) Term: ____ ☐ Months ☐ Years
e.) Documents: The Buyer shall be required to produce documentation, as
required by the Seller, verifying the Buyer’s ability to purchase according to the
Purchase Price and the terms of the Seller Financing. Therefore, such Seller
Financing is contingent upon the Seller’s approval of the requested
documentation to be provided on or before ____________________, 20___.
The Seller shall have until ____________________, 20___ to approve the
Buyer’s Initials _______ Seller’s Initials _______
Page 3 of 8
Buyer's documentation. In the event Buyer fails to obtain Seller’s approval, this
Agreement shall be terminated with the Buyer’s Earnest Money being returned
within five (5) business days.
4. Earnest Money. After acceptance by all Parties, the Buyer agrees to make a payment in the
amount of $____________________ as consideration by ____________________, 20___ at
____:____ ☐ AM ☐ PM (“Earnest Money”). The Earnest Money shall be applied to the Purchase
Price at Closing and subject to the Buyer’s ability to perform under the terms of this Agreement.
Any Earnest Money accepted ☐ is ☐ is not required to be placed in a separate trust or escrow
account in accordance with Indiana law.
5. Sale of Another Property. Buyer’s performance under this Agreement: (check one)
☐ - Shall not be contingent upon selling another property.
☐ - Shall be contingent upon selling another property with a mailing address of
___________________, City of ____________________, State of
____________________ within ____ days from the Effective Date.
6. Closing Costs. The costs attributed to the Closing of the Property shall be the responsibility of
☐ Buyer ☐ Seller ☐ Both Parties. The fees and costs related to the Closing shall include but not
be limited to a title search (including the abstract and any owner’s title policy), preparation of the
deed, transfer taxes, recording fees, and any other costs by the title company that is in standard
procedure with conducting the sale of a property.
7. Funds at Closing. Buyer and Seller agree that before the recording can take place, funds
provided shall be in one (1) of the following forms: cash, interbank electronic transfer, money
order, certified check or cashier’s check drawn on a financial institution located in the State, or any
above combination that permits the Seller to convert the deposit to cash no later than the next
business day.
8. Closing. This transaction shall be closed on ______________________, 20____ at ____:____
☐ AM ☐ PM or earlier at the office of a title company to be agreed upon by the Parties
(“Closing”). Any extension of the Closing must be agreed upon, in writing, by Buyer and Seller.
Real estate taxes, rents, dues, fees, and expenses relating to the Property for the year in which
the sale is closed shall be prorated as of the Closing. Taxes due for prior years shall be paid by
Seller.
9. Survey. Buyer may obtain a survey of the Property before the Closing to assure that there are
no defects, encroachments, overlaps, boundary line or acreage disputes, or other such matters,
that would be disclosed by a survey ("Survey Problems"). The cost of the survey shall be paid by
the Buyer. Not later than ____ business days prior to the Closing, Buyer shall notify Seller of any
Survey Problems which shall be deemed to be a defect in the title to the Property. Seller shall be
required to remedy such defects within ____ business days and prior to the Closing.
If Seller does not or cannot remedy any such defect(s), Buyer shall have the option of canceling
this Agreement, in which case the Earnest Money shall be returned to Buyer.
10. Mineral Rights. It is agreed and understood that all rights under the soil, including but not
limited to water, gas, oil, and mineral rights shall be transferred by the Seller to the Buyer at
Closing.
Buyer’s Initials _______ Seller’s Initials _______
Page 4 of 8
11. Title. Seller shall convey title to the property by warranty deed or equivalent. The Property
may be subject to restrictions contained on the plat, deed, covenants, conditions, and
restrictions, or other documents noted in a Title Search Report. Upon execution of this
Agreement by the Parties, Seller will, at the shared expense of both Buyer and Seller, order a
Title Search Report and have delivered to the Buyer.
Upon receipt of the Title Search Report, the Buyer shall have ____ business days to notify the
Seller, in writing, of any matters disclosed in the report which are unacceptable to Buyer. Buyer’s
failure to timely object to the report shall constitute acceptance of the Title Search Report.
If any objections are made by Buyer regarding the Title Search Report, mortgage loan inspection,
or other information that discloses a material defect, the Seller shall have ____ business days
from the date the objections were received to correct said matters. If Seller does not remedy any
defect discovered by the Title Search Report, Buyer shall have the option of canceling this
Agreement, in which case the Earnest Money shall be returned to Buyer.
After Closing, Buyer shall receive an owner’s standard form policy of title insurance insuring
marketable title in the Property to Buyer in the amount of the Purchase Price, free and clear of the
objections and all other title exceptions agreed to be removed as part of this transaction.
12. Property Condition. Seller agrees to maintain the Property in its current condition, subject to
ordinary wear and tear, from the time this Agreement comes into effect until the Closing. Buyer
recognizes that the Seller, along with any licensed real estate agent(s) involved in this transaction,
make no claims as to the validity of any property disclosure information. Buyer is required to
perform their own inspections, tests, and investigations to verify any information provided by the
Seller. Afterward, the Buyer shall submit copies of all tests and reports to the Seller at no cost.
Therefore, Buyer shall hold the right to hire licensed contractors, or other qualified professionals, to
further inspect and investigate the Property until ______________________, 20____ at
____:____ ☐ AM ☐ PM.
After all inspections are completed, Buyer shall have until ______________________, 20____ at
____:____ ☐ AM ☐ PM to present any new property disclosures to the Seller in writing. The
Buyer and Seller shall have ____ business days to reach an agreement over any new property
disclosures found by the Buyer. If the Parties cannot come to an agreement, this Agreement
shall be terminated with the Earnest Money being returned to the Buyer.
If the Buyer fails to have the Property inspected or does not provide the Seller with written notice
of the new disclosures on the Property, in accordance with this Agreement, Buyer hereby
accepts the Property in its current condition and as described in any disclosure forms presented
by the Seller.
In the event improvements on the Property are destroyed, compromised, or materially damaged
prior to Closing, the Agreement may be terminated at Buyer’s option.
13. Seller’s Indemnification. Except as otherwise stated in this Agreement, after recording, the
Buyer shall accept the Property AS IS, WHERE IS, with all defects, latent or otherwise. Neither
Seller nor their licensed real estate agent(s) or any other agent(s) of the Seller, shall be bound to
any representation or warranty of any kind relating in any way to the Property or its condition,
quality or quantity, except as specifically set forth in this Agreement or any property disclosure,
Buyer’s Initials _______ Seller’s Initials _______
Page 5 of 8
which contains representations of the Seller only, and which is based upon the best of the
Seller’s personal knowledge.
14. Appraisal. Buyer’s performance under this Agreement: (check one)
☐ - Shall not be contingent upon the appraisal of the Property being equal to or greater
than the agreed upon Purchase Price.
☐ - Shall be contingent upon the appraisal of the Property being equal to or greater than
the agreed upon Purchase Price. If the Property does not appraise to at least the amount
of the Purchase Price, or if the appraisal discovers lender-required repairs, the Parties
shall have ____ business days to re-negotiate this Agreement (“Negotiation Period”). In
such event the Parties cannot come to an agreement during the Negotiation Period, this
Agreement shall terminate with the Earnest Money being returned to the Buyer.
15. Required Documents. Prior to the Closing, the Parties agree to authorize all necessary
documents, in good faith, in order to record the transaction under the conditions required by the
recorder, title company, lender, or any other public or private entity.
16. Termination. In the event this Agreement is terminated, as provided in this Agreement, absent
of default, any Earnest Money shall be returned to the Buyer, in-full, within ____ business days
with all parties being relieved of their obligations as set forth herein.
17. Sex Offenders. Section 2250 of Title 18, United States Code, makes it a federal offense for
sex offenders required to register pursuant to the Sex Offender Registration and Notification Act
(SORNA), to knowingly fail to register or update a registration as required. State convicted sex
offenders may also be prosecuted under this statute if the sex offender knowingly fails to register
or update a registration as required, and engages in interstate travel, foreign travel, or enters,
leaves, or resides on an Indian reservation.
A sex offender who fails to properly register may face fines and up to ten (10) years in prison.
Furthermore, if a sex offender knowingly fails to update or register as required and commits a
violent federal crime, he or she may face up to thirty (30) years in prison under this statute. The
Buyer may seek more information online by visiting https://www.nsopw.gov/.
18. Time. Time is of the essence. All understandings between the Parties are incorporated in this
Agreement. Its terms are intended by the Parties as a final, complete and exclusive expression of
their Agreement with respect to its subject matter and they may not be contradicted by evidence of
any prior agreement or contemporaneous oral agreement.
19. Buyer’s Default. Seller’s remedies shall be limited to liquidated damages in the amount of the
Earnest Money set forth in Section IV. It is agreed that such payments and things of value are
liquidated damages and are Seller’s sole and only remedy for Buyer’s failure to perform the
obligations of this Agreement. The Parties agree that Seller’s actual damages in the event of
Buyer’s default would be difficult to measure, and the amount of the liquidated damages herein
provided for is a reasonable estimate of such damages.
20. Seller’s Default. Buyer may elect to treat this Agreement as cancelled, in which case all
Earnest Money paid by Buyer hereunder shall be returned and Buyer may recover such damages
as may be proper, or Buyer may elect to treat this Agreement as being in full force and effect and
Buyer shall have the right to specific performance or damages, or both.
Buyer’s Initials _______ Seller’s Initials _______
Page 6 of 8
21. Earnest Money Dispute. Notwithstanding any termination of this Agreement, the Parties
agree that in the event of any controversy regarding the release of the Earnest Money that the
matter shall be submitted to mediation as provided in Section
XXIII.
22. Dispute Resolution. Buyer and Seller agree to mediate any dispute or claim arising out of
this Agreement, or in any resulting transaction, before resorting to arbitration or court action.
a.) Mediation. If a dispute arises, between or among the Parties, and it is not resolved
prior to or after recording, the Parties shall first proceed in good faith to submit the
matter to mediation. Costs related to mediation shall be mutually shared between or
among the Parties. Unless otherwise agreed in mediation, the Parties retain their
rights to proceed to arbitration or litigation.
b.) Arbitration. The Parties agree that any dispute or claim in law or equity arising
between them out of this Agreement or any resulting transaction, which is not settled
through mediation, shall be decided by neutral, binding arbitration. The arbitrator is
required to be a retired judge or justice, or an attorney with at least five (5) years of
residential real estate law experience unless the Parties mutually agree to a different
arbitrator. Under arbitration, the Parties shall have the right to discovery in
accordance with State law. Judgment upon the award of the arbitrator(s) may be
entered into any court having jurisdiction. Enforcement of this Agreement to arbitrate
shall be governed by the Federal Arbitration Act.
c.) Exclusions. The following matters shall be excluded from the mediation and
arbitration: (i) a judicial or non-judicial foreclosure or other action or proceeding to
enforce a deed, mortgage or installment land sale contract as defined in accordance
with State law; (ii) an unlawful detainer action, forcible entry detainer, eviction action,
or equivalent; (iii) the filing or enforcement of a mechanic’s lien; and (iv) any matter
that is within the jurisdiction of a probate, small claims or bankruptcy court. The filing
of a court action to enable the recording of a notice of pending action, for order of
attachment, receivership, injunction, or other provisional remedies, shall not constitute
a waiver or violation of the mediation and arbitration provisions of this Section.
23. Governing Law. This Agreement shall be interpreted in accordance with the laws in the
State of Indiana.
24. Terms and Conditions of Offer. This is an offer to purchase the Property in accordance
with the above stated terms and conditions of this Agreement. If at least one, but not all, of the
Parties initial such pages, a counter offer is required until an agreement is reached. Seller has
the right to continue to offer the Property for sale and to accept any other offer at any time prior
to notification of acceptance. If this offer is accepted and Buyer subsequently defaults, Buyer
may be responsible for payment of licensed real estate agent(s) compensation. This Agreement
and any supplement, addendum or modification, including any copy, may be signed in two or
more counterparts, all of which shall constitute one and the same writing.
25. Binding Effect. This Agreement shall be for the benefit of, and be binding upon, the Parties,
their heirs, successors, legal representatives, and assigns, which therefore, constitutes the entire
agreement between the Parties. No modification of this Agreement shall be binding unless
signed by both Buyer and Seller.
Buyer’s Initials _______ Seller’s Initials _______
Page 7 of 8
26. Severability. In the event any provision or part of this Agreement is found to be invalid or
unenforceable, only that particular provision or part so found, and not the entire Agreement, will be
inoperative.
27. Offer Expiration. This offer to purchase the Property as outlined in this Agreement shall be
deemed revoked and the Earnest Money shall be returned unless this Agreement is signed by
Seller and a copy of this Agreement is personally given to the Buyer by
______________________, 20____ at ____:____ ☐ AM ☐ PM.
28. Acceptance. Seller warrants that Seller is the owner of the Property or has the authority to
execute this Agreement. Therefore, by the Seller’s authorization below, he/she/they accepts the
above offer and agrees to sell the Property on the above terms and conditions and agrees to the
agency relationships in accordance with any agreement(s) made with licensed real estate
agent(s). Seller has read and acknowledges receipt of a copy of this Agreement and authorizes
any licensed real estate agent(s) to deliver a signed copy to the Buyer.
Delivery may be in any of the following: (i) hand delivery; (ii) email under the condition that the
party transmitting the email receives electronic confirmation that the email was received to the
intended recipient; and (iii) by facsimile to the other party or the other party’s licensee, but only if
the transmitting fax machine prints a confirmation that the transmission was successful.
29. Licensed Real Estate Agent(s). If Buyer or Seller have hired the services of licensed real
estate agent(s) to perform representation on their behalf, he/she/they shall be entitled to
payment for their services as outlined in their separate written agreement.
30. Disclosures. It is acknowledged by the Parties that: (check one)
☐ - There are no attached addendums or disclosures to this Agreement.
☐ - The following addendums or disclosures are attached to this Agreement:
☐ - Lead-Based Paint Disclosure Form
☐ - ___________________________________________________________________
☐ - ___________________________________________________________________
31. Additional Terms and Conditions. ______________________________________________
______________________________________________________________________________
______________________________________________________________________________
32. Entire Agreement. This Agreement together with any attached addendums or disclosures
shall supersede any and all other prior understandings and agreements, either oral or in writing,
between the parties with respect to the subject matter hereof and shall constitute the sole and
only agreements between the parties with respect to the said Property. All prior negotiations and
agreements between the parties with respect to the Property hereof are merged into this
Agreement. Each party to this Agreement acknowledges that no representations, inducements,
promises, or agreements, orally or otherwise, have been made by any party or by anyone acting
on behalf of any party, which are not embodied in this Agreement and that any agreement,
statement or promise that is not contained in this Agreement shall not be valid or binding or of
any force or effect.
Buyer’s Initials _______ Seller’s Initials _______
Page 8 of 8
33. Signature
Date: ____________________ _________________________________
Seller’s Signature
_________________________________
Print Name
Date: ____________________ _________________________________
Seller’s Signature
_________________________________
Print Name
Date: ____________________ _________________________________
Buyer’s Signature
_________________________________
Print Name
Date: ____________________ _________________________________
Buyer’s Signature
_________________________________
Print Name
Date: ____________________ _________________________________
Agent’s Signature
_________________________________
Print Name
Date: ____________________ _________________________________
Agent’s Signature
_________________________________
Print Name
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INDIANA RESIDENTIAL REAL ESTATE PURCHASE AGREEMENT

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Completed 1 August 2021

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