The Indiana Association of Realtors (IAR) has released a new purchase agreement form for use in real estate transactions in 2019. As a professional, it is important to highlight the key changes and benefits of this new agreement for both real estate agents and their clients.
One of the major updates in the 2019 purchase agreement is the addition of an optional arbitration clause. This clause allows both the buyer and seller to agree to resolve any disputes that may arise through arbitration rather than going to court. This can save time and money for both parties and provide a more efficient resolution process.
Another important change in the 2019 purchase agreement is the inclusion of a separate notice for buyers regarding the legal status of marijuana. This notice informs buyers that while the use of marijuana is legal in Indiana for medicinal purposes, it is still illegal under federal law.
Additionally, the new agreement includes language protecting the buyer’s earnest money deposit in the event of a dispute or breach of contract. The agreement also provides for a designated closing date, which can help to streamline the closing process and ensure that all parties are on the same page.
For real estate agents, the new purchase agreement offers a standardized format and language, making it easier to navigate and understand. It also includes clear timelines and deadlines, helping to ensure a smooth transaction process.
Overall, the 2019 Indiana Association of Realtors purchase agreement offers important updates and benefits for both buyers and sellers in real estate transactions. By staying up-to-date on the latest industry changes and utilizing the latest forms and agreements, real estate professionals can provide the best service to their clients and ensure a successful transaction process.
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