Contracts
The Indiana Residential Real Estate Purchase Agreement typically includes all of the following EXCEPT:
ALegal description of the property
BPurchase price and financing terms
CSeller's tax returns for the past three years✓ Correct
DClosing date and possession terms
Explanation
A purchase agreement includes property description, price, financing, and closing details, but does not typically include the seller's personal tax returns.
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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.
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.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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