Indiana Termite Report Provision for Contract for the Sale and Purchase of Real Property
Description
How to fill out Termite Report Provision For Contract For The Sale And Purchase Of Real Property?
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FAQ
A purchase agreement is a type of contract that outlines terms and conditions related to the sale of goods. As a legally binding contract between buyer and seller, the agreements typically relate to buying and selling goods rather than services. They cover transactions for nearly any type of product.
Among the terms typically included in the agreement are the purchase price, the closing date, the amount of earnest money that the buyer must submit as a deposit, and the list of items that are and are not included in the sale.
This is when the inspector notes potential damage to an area. If it is not treated or repaired in the near future, it can become a Section 1 item. These areas are considered hotspots and generally refer to where termites can flourish or elements that can cause wood damage.
Real Estate Terms GlossaryBorrower.Broker.Buyer's agent/listing agent.Buyer's market/seller's market.Co-borrower.Commission.Eminent domain.Exclusive listing.More items...?
A purchase agreement must detail the property to be sold, identifying the exact address and including the property's legal description as contained in official records of the local jurisdiction. Additionally, the identity of the seller (or sellers) and the buyer (or buyers) must be noted.
Required Elements of a Real Estate Contract To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.
As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.
The Five Elements of a ContractOffer.Acceptance.Consideration.Capacity.Lawful Purpose.
The agreement should specify whether the buyer or seller pays for each of the common fees associated with the home purchase, such as escrow fees, title search fees, title insurance, notary fees, recording fees, transfer tax, and so on.
A broad definition of termite clause is a provision in a contract for the sale of real property that gives the purchaser the right, at his or her expense, to have the property inspected for the existence of termites.
