The Indiana Department of Administration is responsible for the Indiana State Surplus Land Ordinance. Based on IC 4-20.5-7, the ministry`s disposition policy holds two processes for the disposal of excess land: sealed bid and live auction. The department conducts a trial search on the basis of properties. The purchase of land at market prices, as fixed by the sealed auction or auction procedure, is granted in preference to public authorities, universities and political subdivisions. Immovable property for which no public authority, university or political subdivision informs the department of its interest is awarded to the bidder offering the highest bid or auction amount equal to or greater than the impaired value. Initially, the contract includes the agreement by which the seller accepts the sale and the buyer accepts the purchase of a property. The next section is the selling price. They indicate the amount of the purchase price, a new credit, serious money, cash at closing, taking charge of the loan, financing of sellers and a total amount. In this contract, you must describe the conditions of ownership: mechanical equipment, utilities, etc. The federal tax liability is also included in the contract. Here are the most important details. *It is important to note that there is a separate law concerning real estate regulated by an association of owners (§ 32-21-5-8.5) which requires the seller to provide the buyer with a copy of the registered reference documents, a declaration of valuation and information on the administrative services of the HOA.

On the seller`s disclosure form, the box must be buttoned in addition to the question asked on HOA and the necessary information must be entered in the “Additional Comments” section or be attached as an addendum. Disclosure of the Seller`s Sale of Residential Real Estate (Form 46234) (Article 32-21-5-10) – Before accepting the potential buyer`s offer, the seller is legally required to provide the potential buyer with a complete copy of the aforementioned disclosure form, which lists various essential facts/defects requested regarding the contracted property. Homes built before 1978 may contain lead-based paint, so sellers must disclose this information to all potential buyers by completing this form prescribed by the Confederation. For any questions or other information regarding the state`s surplus real estate process, please contact Steve Harless, Executive Director of the IDOA. The Indiana Contract of Sale consolidates the contractual relationship between a seller and a buyer participating in a real estate transaction for the sale of real estate. In most cases, the person interested in buying the property will use the contract to make an offer submitted to the seller. The seller then has the choice to accept or contradict a better price and/or adaptation offer. If both parties manage to agree on the terms of the contract, they can sign the document that establishes a concrete registration of the sale, applicable by law. Some of the critical components to be included in the contract are the sale price, the location of the property, the financing conditions and the closing date.