Dale & Eke is taking the COVID-19 outbreak very seriously.  So, for the purpose of maintaining social distancing under CDC guidelines and to promote the health and safety of our clients, visitors and staff and reduce the spread of COVID-19, our physical office will be closed until further notice.

For the time being we are limiting all in-office meetings to those clients and potential clients who are not feeling ill or who have not shown signs of illness.  However, we are recommending that, unless you make other arrangements with your attorney, all client and potential client meetings occur via telephone or video conferencing.  If you have any paperwork for us that you need to drop off, please use the mail slot outside of the front door to our office.

We can still be reached at our office telephone number (317-844-7400). Your call will be answered by our office phone system and you may leave a voicemail in the general mailbox or with a specific attorney. All voicemails left in the general mailbox will be routed to the requested attorney or staff.

You may also email the firm through its website at  www.daleeke.com.

We will continue to monitor this evolving situation and adjust procedures as necessary.  Your health and safety, and the health and safety of our attorneys and staff, is our highest priority.  We thank you for your patience and understanding during these uncertain and unprecedented times.

Dale & Eke - Business Attorney
A Professional Corporation of Attorneys at Law

What is included in a real estate purchase agreement?

| Dec 29, 2018 | Real Estate

When you buy a home in Indiana, you will sign a real estate purchase agreement. This legally binding contract will have several provisions in it.

According to Realtor.com, it is crucial for you to read and understand the terms of the purchase agreement to prevent any unwelcome surprises down the road.

Escrow

A third party will retain custody of certain funds and documents in the escrow account, and will distribute the funds when appropriate. For example, the escrow account will hold the earnest money, which is the amount you pay to the sellers to show that you are serious about the purchase. The third party is typically a representative from the holding company, an agent from the title company or an attorney.

Your purchase agreement will tell you who has to pay escrow. It could be you or the seller, or you may split the costs. The expense is usually around 1 percent to 2 percent of the purchase price of the home. If you decide you want to back out of the deal, any money you have paid into escrow will be forfeited to the seller.

Contingencies

You may have to take some action before the sale can go forward. This will be defined in a contingency clause in the agreement, along with the deadline you must meet. For example, you may need to sell your current house before you can complete the deal on the new one. If you are not able to sell your house before the deadline, you may be able to get out of the deal on the new one and get back your earnest money.

Settlement and possession dates

You have probably heard about closing, or settlement date. This is the day everyone involved in the sale do their part to complete the sale. Before you can close on the house, you need to have the home inspection and appraisal done, as well as meet contingencies included in the agreement. So, you want to make sure you set the settlement date far enough in advance that you can take care of all these responsibilities.

The possession date is the day that you can move into the home. You may expect that you will get the keys as soon as you sign the closing papers, but the date could be subject to negotiation. It is typically within 30 days of the closing date, though.

The purchase agreement may contain many other terms and conditions that you will need to review and understand. Therefore, this information should not be interpreted as legal advice.