The Indiana Association of Realtors Purchase Agreement 2018: What You Need to Know

The Indiana Association of Realtors (IAR) is a professional organization that represents the interests of real estate agents and brokers in Indiana. One of the essential tools for any real estate professional is the purchase agreement, which outlines the terms of the sale between the buyer and seller. In 2018, the IAR updated their standard purchase agreement form, and it`s essential for anyone in the real estate industry to understand the changes.

The new purchase agreement form includes several changes that aim to provide clarity and protection for both buyers and sellers. One of the most significant changes is the addition of a specific “notice to buyers” section. This section outlines the buyer`s rights and responsibilities, including their right to receive a seller`s disclosure form and their obligation to conduct a thorough inspection of the property before closing.

Another significant change is the inclusion of a “seller`s warranty” section. This section provides the buyer with assurances that the seller has completed all necessary repairs and maintenance, and that the property is free of any defects or hazards that could affect the buyer`s health or safety.

The new purchase agreement form also includes updated language regarding contingencies and earnest money deposits. In particular, it clarifies the conditions under which the buyer can back out of the sale and receive a refund of their earnest money deposit. These new provisions give both buyers and sellers more certainty and clarity throughout the transaction process.

One potential drawback of the new IAR purchase agreement form is that it may be more complicated and difficult to fill out correctly. The updated form includes more detailed instructions and provisions, which means that real estate professionals may need to seek out additional training or support to ensure that they are using the form correctly.

Overall, the IAR purchase agreement form updates are a positive step forward for the Indiana real estate industry. By providing more detailed and comprehensive protections for both buyers and sellers, the new form should help to minimize disputes and conflicts throughout the transaction process. However, it`s essential that real estate professionals take the time to understand the new form thoroughly to ensure that they can use it correctly and accurately.