Contracts
For a real estate contract in Indiana to be enforceable, it must be:
ANotarized by a county official
BIn writing and signed by the parties✓ Correct
CFiled with the county recorder within 10 days
DApproved by the Indiana Real Estate Commission
Explanation
Under the Statute of Frauds, real estate contracts must be in writing and signed by the parties to be enforceable in Indiana.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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