Contracts
Indiana purchase agreements typically provide that if the property is destroyed before closing:
AThe buyer must still close
BThe contract is voidable by either party and earnest money is returned to the buyer✓ Correct
CThe seller must rebuild at their expense
DThe buyer assumes all insurance proceeds
Explanation
Most Indiana purchase contracts include a casualty loss provision: if the property is materially damaged before closing, the buyer may terminate the contract and receive a refund of earnest money.
Related Indiana Contracts Questions
- Time is of the essence in a real estate contract means:
- In Indiana, the Seller's Residential Real Estate Sales Disclosure must be provided to the buyer:
- A contingency in a purchase contract allows the buyer to:
- Indiana's Parol Evidence Rule provides that in a real estate transaction:
- In Indiana, specific performance is a remedy for breach of a real estate contract that:
- A unilateral contract in Indiana real estate is one where:
- Assignment of a contract means:
- Indiana's Residential Real Estate Sales Disclosure form is typically delivered by the seller to the buyer:
Practice More Indiana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Indiana Quiz →