Contracts
An Indiana lease agreement must include all of the following to be enforceable EXCEPT:
AIdentification of the parties
BDescription of the property
CRental amount and duration
DA written addendum for the landlord's house rules✓ Correct
Explanation
A lease requires the parties, property description, rent amount, and term. House rules addenda may be incorporated but are not required for the lease itself to be legally enforceable.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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