Contracts
Under Indiana law, an amendment to a real estate purchase agreement must be:
AVerbal and witnessed by a notary
BIn writing and signed by all parties✓ Correct
CApproved by the Indiana Real Estate Commission
DFiled with the county recorder
Explanation
Under the Statute of Frauds and general contract law principles, amendments to real estate purchase agreements must be in writing and signed by all parties to be enforceable.
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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.
Math Concepts
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