REAL PROPERTY PURCHASE AGREEMENT - Template - Indemnification, Closing, Earnest Money

Sep 16, 2026

Uploaded by Logic

Real Property Purchase Agreement template defining the sale and purchase of Indiana real estate between an Indiana state seller and a buyer. The agreement specifies the property scope, including land, buildings, fixtures, easements, and expressly excludes personal property. It sets the purchase price payment structure with earnest money, liquidated damages upon buyer default, and a closing within ten days after seller acceptance. It also details closing documents, cost allocations, tax exemptions, and utility disconnection or transfer obligations.

LanguageEnglish

CategoryForms

FormatPDF

Pages8

Reading Time3 min

AccessFree to download

Sale of Property

Real Property

Personal Property

Purchase Price and Manner of Payment

Earnest Money

Balance Payment

Contingencies

Closing

Seller’s Closing Documents

Buyer’s Closing Documents

Allocation of Costs

Title Insurance and Closing Fee

Taxes and Assessments

Utilities

REAL PROPERTY PURCHASE AGREEMENT WITNESSETH THIS AGREEMENT dated , 2006, by and between THE STATE OF INDIANA acting through the Indiana Department of Administration, (“Seller”) and ,(“Buyer”) . In consideration of this Agreement, Seller and Buyer agree as follows: 1. Sale of Property. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller, the following property (collectively,“Property”): 1.1 Real Property. The real property commonly known as , County, Indiana described on the attached Exhibit A (“Land”) together with all buildings, improvements and fixtures constructed or located on the Land (“Buildings”) and all easements and rights benefiting or appurtenant to the Land (collectively the “Real Property”) . 1.2 Personal Property. No personal property is being sold or conveyed as a part of this Purchase Agreement. 2. Purchase Price and Manner of Payment. The total purchase price (“Purchase Price”) to be paid for the Property shall be Dollars ($ ) . The Purchase Price shall be payable as follows: 2.1 In conjunction with execution of this Agreement (the “Execution Date”), Buyer shall submit ____________ Dollars ($__________) to Seller as earnest money (“Earnest Money”) . In the event this Agreement is not accepted by Seller, the Earnest Money shall be promptly returned to Buyer. Upon acceptance of this Offer by Seller, such Earnest Money shall secure the Buyer's performance of this Agreement and in the event of a default by Buyer in the performance of its obligations herein specified, Seller shall have the right to terminate this Agreement and the Earnest Money shall be paid to Seller as liquidated damages as Seller’s sole remedy at law or in equity; and 2.2 The balance of the Purchase Price, subject to adjustments as set forth herein, shall be payable in certified funds or by electronic transfer of funds on the “Closing Date”(ashereinafter defined) . 3. Contingencies. The obligation of the Seller is contingent upon approval of the transaction contemplated by this Agreement as required by IC 4-13-2-14.2 and IC 4-20.5-7. Buyer is not reserving any contingencies. 4. Closing. The closing of the purchase and sale contemplated by this Agreement (the “Closing”) shall occur within ten (10) days following acceptance of this Agreement by Seller (the “Closing Date”) unless extended by mutual agreement of the parties. The Closing shall take place at a time, place, and on a date agreeable by Seller and Buyer. Possession of the Real Property shall be delivered to Buyer at the Closing free of any rights of any third parties other than tenants in possession. 4.1 Seller’s Closing Documents. On the Closing Date, Seller shall have executed and delivered or caused to be delivered to Buyer the following (collectively,“Seller’s Closing Documents”), all in form and content reasonably satisfactory to Buyer: 4.1.1 Deed. A Quitclaim Deed conveying the Real Property to Buyer. 4.1.2 Documents. Copies of the Contracts, Permits and Warranties, if any. 640425v2 4.1.3 FIRPTA Affidavit. A non-foreign affidavit, properly executed, containing such information as is required by Internal Revenue Code Section 1445(b)(2) and its regulations. 4.1.4 IRS Forms. A Designation Agreement designating the “reporting person” for purposes of completing Internal Revenue Form 1099 and, if applicable, Internal Revenue Form 8594. 4.1.5 Vendor’s Affidavit. A vendor’s affidavit acceptable to the Title Company to remove the general preprinted exceptions. 4.1.6 Responsible Property Transfer Law. An affidavit from Seller that the transaction contemplated by this Agreement is not subject to the Indiana Responsible Property Transfer Law. 4.1.7 Sales Disclosure Form. An Indiana sales disclosure form. 4.1.8 Other Documents. All other documents reasonably determined by Buyer to be necessary to transfer title to the Real Property to Buyer free and clear except Permitted Exceptions to Title. 4.2 Buyer’s Closing Do

FAQs

What property types are included under the Real Property definition?

The agreement covers the land described in Exhibit A, all buildings, improvements, fixtures on the land, and easements and rights that benefit or are appurtenant to the land.

How does earnest money work, and what happens if the buyer defaults?

Upon execution, the buyer submits earnest money to the seller. If the seller accepts, the earnest money secures performance, and if the buyer defaults, the seller may terminate and keep the earnest money as liquidated damages as the seller’s sole remedy.

When does closing occur, and what documents are required at closing?

Closing occurs within ten days following seller acceptance unless extended by mutual agreement. The seller delivers a quitclaim deed and specified affidavits/forms, while the buyer delivers funds and required designation and disclosure forms, plus other documents necessary to complete the transaction.

Sep 16, 2026

Uploaded by Logic