I am a real estate buyer in Indiana.
#1 - If it states in my contingencies that I must be able to get insurance, and I sent a response from from my insurance agent stating that he won’t cover it because of knob and tube wiring, am I still obligated to buy the property?
#2 - The Purchase Agreement has the wrong parcel number and legal description, but the correct physical address. Does this make the purchase agreement unenforceable?
#3 - Seller was sent a mutual release, but responded by saying they want the earnest money and $7500. They refuse to sign the release. Can they refuse even if I can’t get insurance and the parcel # and legal description are wrong on the Purchase Agreement?
#4 - Seller’s name is not on the title. It is in the name of 2 deceased people who left it to their granddaughter, who is of legal age. Grandaughter’s name is not on the title either. Am I being scammed?
#5 - Can I purchase another property if the seller won’t sign the mutual release?
1 Answer from Attorneys
Your contract would need to be reviewed in order to provide answers to your questions. You are also asking for more than general answers. Your best bet is to hire counsel who can provide a complete analysis.