Introduction to Sales Contract in Indiana

Casey signed a contract form offering a purchase price of $309,000 on Karen's home, and gave his agent a $5,000 earnest money deposit. Karen't out of town, though, and her agent can't reach her. At this point what does Casey have?

An offer

What's the purpose of a sales contract?

To document the agreement between a buyer and seller in a real estate sales transaction

Dan and Becky realized too late that the contract they signed for the sale of their home didn't include any language about a rent- back if the home they're building isn't ready in time. What can their listing agent do?

Create a contract amendment with the required language

Which of the following is synonymous with a sales contract?

Offer to purchase

Which residential sales contract provision specifies the date by which the buyer will have unfettered access to the property?

Possession

Whose responsibility is it to understand the ins and outs of the sales contracts?

Real estate professionals and their clients

Before sitting down to write a purchase agreement, a licensee shoud___

Review the contract for understanding of each section

When might an additional provision be needed in an agreement of sale?

The buyer requests terms of sale that aren't part of the standard contract