Buying or selling a home in Indiana, or anywhere, can be a stressful experience. With a large financial investment on the line, it’s perfectly natural to worry. However, understanding the Indiana home sale process and knowing what to expect can help you gain peace of mind. Consulting with an experienced Indiana real estate attorney can also be beneficial to ensure the transition goes as smoothly as possible.
What Sellers and Buyers Should Know about the Indiana Home Sale Process
Whether you are selling or buying a house in Indiana—or both, as is often the case—the best way to start your journey is by learning about the general home selling process timeline and related details. It is important for sellers and buyers to know their responsibilities throughout the Indiana home sale process to keep the transaction moving on schedule.
What to Do First if You Are Selling a Home in Indiana
So you’ve decided that selling your home in Indiana is the right move. Your next decision will be whether to enlist a realtor to assist you in the process or place your home for sale by owner. If you choose to work with a realtor, choose a licensed real estate agent or broker with whom you feel you have a good rapport.
After you have selected a realtor, you will sign a listing agreement, a contract that sets forth the expectations for the relationship and its related transactions, including the commission to be paid on the sale, to whom that commission will be paid under various circumstances of the sale, the term of the listing agreement, the asking price for your home, details of items in the home to be included in or excluded from the sale, and the specific duties and responsibilities of both the seller and the agent.
Next, you will need to complete an Indiana sales disclosure form, formally known as the Seller’s Residential Real Estate Disclosure. If you are aware of any defects or harmful conditions related to the property, you must note those issues on the form. This document must be provided to a potential buyer before you accept an offer for the purchase of your home.
First Steps for Buying a House in Indiana
Potential homebuyers also need to tend to some details before they begin their search for a new home. As with selling a home, determining if you wish to work with a real estate agent or broker, and whom, will be among your first decisions when buying a house in Indiana.
At this stage, you should also contact potential financers—banks or mortgage companies—if you plan to take out a mortgage loan. Preapproval for a loan will show sellers that you are serious in your intent to buy and establish that you are able to secure the necessary finances.
Next, create a list, preferably written, of your priorities and wishes for your new home. This list should include details regarding the size of home you would like, location preferences, desired price range, and more. Discuss these details in advance with anyone with whom you will share a home purchase decision, and provide the list to your realtor when you begin the search for your new home.
The Indiana Home Sale Process from Offer to Closing
When buyers locate a home they’d like to purchase, the next step is making a written offer. This document should include the amount the buyer proposes to pay for the home and the terms of the purchase. Any relevant information regarding down payments and contingencies should also be noted.
The seller can then accept the offer, reject it outright, or make a counteroffer to the buyer with adjustments to price or other areas of concern. A legally binding Indiana real estate contract, sometimes called a purchase agreement, is created when the seller accepts and signs a final offer from the buyer and notifies the buyer of such acceptance.
Once an Indiana real estate contract has been established, there are certain duties that the buyer and seller must perform. More of these tasks fall to the buyer, who must generally finalize any financing arrangements, get the required or desired appraisals and inspections, and fulfill any responsibilities related to insurance coverage.
Any existing contingencies or negotiations related to issues that arise during an inspection should also be addressed during this time. The fulfillment of these duties and responsibilities in a timely manner is critical to the closing—or settlement—of the terms of the agreement occurring as scheduled.
A General Home Selling Process Timeline
A home selling process timeline—the time it takes to buy or sell a home from start to finish—can vary greatly, depending on market conditions, personal circumstances and wishes, and other factors. Once an Indiana real estate contract is made, however, the typical time between acceptance of an offer and closing is between 30 to 45 days.
Do You Need an Indiana Real Estate Attorney to Complete the Indiana Home Sale Process
Some states require an attorney to be involved in certain aspects of real estate transactions, like home sales. Indiana does not have this requirement for residential home sales. However, having an experienced Indiana real estate attorney who can assist you throughout the process of buying or selling a home in Indiana can help the process run more smoothly and prevent delays or problems. If you would like legal assistance with the Indiana home sale process, at any stage, contact attorney Corey Meridew of Camden & Meridew, P.C. by calling 317-770-0000 or completing the firm’s online contact form.