This form is provided by the Seller to the Purchaser at the time of the contract signing. Mandatory use of this form is rarely required; however, this form provides the Purchaser with a good understanding of forfeiture and how he or she can be affected by it in the event of a default. Should the courts become involved the use of this form will help the Seller show that the Purchaser understood his side of the bargain and may help the Purchaser pursue the remedy of forfeiture if it is challenged by the Purchaser.
South Bend Indiana Seller's Disclosure of Forfeiture Rights for Contract for Deed
State:
Indiana
City:
South Bend
Control #:
IN-00470-22
Format:
Word;
Rich Text
Instant download
Description
How to fill out Indiana Seller's Disclosure Of Forfeiture Rights For Contract For Deed?
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FAQ
The State of Indiana requires the filing of a sales disclosure form (SDF) whenever real property is sold. The primary use of these data is to help determine the annual market-based adjustments of assessed property values.
The State of Indiana requires the filing of a sales disclosure form (SDF) whenever real property is sold.
Indiana law (IC 32-21-5) generally requires sellers of 1-4 unit residential property to complete this form regarding the known physical condition of the property. An owner must complete and sign the disclosure form and submit the form to a prospective buyer before an offer is accepted for the sale of the real estate.
Indiana Courts generally apply the rule of ?caveat emptor,? or ?buyer beware,? in connection with sales of residential real estate.
The seller is required, to the best of his/her knowledge, to inform the buyer of any known material defects within the home and its major systems. For example, if the seller has knowledge of the property existing on a floodplain or the foundation is leaning should be disclosed.
Indiana law (IC 32-21-5) generally requires sellers of 1-4 unit residential property to complete this form regarding the known physical condition of the property. An owner must complete and sign the disclosure form and submit the form to a prospective buyer before an offer is accepted for the sale of the real estate.
You can either deliver the signed cancellation in person or send it through the mail; it must be postmarked within the cancellation period. Seller must return payments made within 10-30 days of cancellation. Depending on the type of contract, the seller has either 10 or 30 days under Indiana law to return your payment.
Indiana's Residential Real Estate Disclosure Law, Indiana Code 32-21-5-2 requires the property seller to complete the Disclosure Form, which is available on-line. Most realtors are familiar with this form and have one readily available.
Any ongoing problems with neighbours, including boundary disputes. Any neighbours known to have been served an Anti Social Behaviour Order (ASBO) Whether there have been any known burglaries in the neighbourhood recently. Whether any murders or suicides have occurred in the property recently.
Yes. A seller can back out of an accepted offer or before closing, as long as there are no specific clauses that state otherwise.
