Contracts
Indiana permits which type of electronic signatures for real estate contracts?
AOnly wet (handwritten) signatures
BElectronic signatures complying with the Indiana Electronic Commerce Security Act and federal E-SIGN Act✓ Correct
COnly notarized electronic signatures
DElectronic signatures only for commercial transactions
Explanation
Indiana's Electronic Commerce Security Act and the federal E-SIGN Act recognize valid electronic signatures for most contracts including real estate purchase agreements, allowing parties to sign digitally.
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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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