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Indiana Real Property Purchase Agreement Form

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Indiana Real Property Purchase Agreement Form Page 2
Indiana Real Property Purchase Agreement Form
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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 Documents. On the Closing Date, Buyer will execute and deliver to
Seller the following (collectively, “Buyer’s Closing Documents”):
4.2.1 Purchase Price. Funds representing the Purchase Price, by electronic transfer of
immediately available funds.
4.2.2 Assumption of Contracts, Permits, Warranties and Miscellaneous Documents.
An Assumption of Contracts, Permits and Warranties, if any, assuming Seller’s
obligations under such documents.
4.2.3 IRS Form. A Designation Agreement designating the “reporting person” for
purposes of completing Internal Revenue Form 1099 and, if applicable, Internal
Revenue Form 8594.
4.2.4 Sales Disclosure Form. An Indiana sales disclosure form.
4.2.5 Other Documents. All other documents reasonably determined by Seller or Title
Company to be necessary to complete the transaction contemplated by this
Agreement.
5. Allocation of Costs. Seller and Buyer agree to the following allocation of costs regarding this
Agreement:
5.1 Title Insurance and Closing Fee. If the Buyer requires title insurance, the Buyer shall be
solely responsible for arranging for the procurement of such insurance, and for the
payment of all premiums and fees associated with such title insurance, including any and
all closing fees or charges imposed by the title company.
5.2 Taxes and Assessments. The Property being conveyed is owned by the State of Indiana
and is exempt from all real property taxes. The Seller shall assume no responsibility or
liability for any real property taxes or other assessments from which it is statutorily
exempt. Buyer shall be solely responsible for, and indemnify Seller against, any and all
real property taxes assessed with respect to the Real Property on or after Closing.
5.3 Utilities. Seller shall either ensure that utility service to the Real Property is disconnected
as of the Closing Date or shall cooperate with Seller in having such utility services
transferred to Seller’s account. All contracts relating to operating the Real Property shall
be canceled as of the Closing Date.
Indiana Real Property Purchase Agreement Form