Contracts
An Indiana purchase contract becomes legally binding at the moment:
AThe earnest money is deposited in escrow
BAcceptance is communicated to the offeror, creating a binding contract✓ Correct
CThe listing broker enters it into MLS
DThe title company receives the contract
Explanation
A contract is formed (and binding) when acceptance of an offer is communicated back to the offeror. Until acceptance is communicated, the offeror may withdraw the offer.
Related Indiana Contracts Questions
- Indiana's 'Equitable Servitude' doctrine allows courts to enforce private deed restrictions even against successors who were not parties to the original agreement if:
- An escalation clause in an Indiana purchase offer states that the buyer will pay $2,000 more than any competing offer up to a maximum of $350,000. If the competing offer is $342,000, the buyer's offer is:
- The home inspection contingency allows a buyer to:
- An as-is clause in a purchase contract means the seller:
- An executed contract is one that:
- An integration clause (merger clause) in a contract states that:
- The Indiana Residential Real Estate Purchase Agreement typically includes all of the following EXCEPT:
- Time is of the essence in a real estate contract means:
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