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Five Most Costly Mistakes Landlords Make in Residential Leases
1. Not having a written lease containing the essential terms of the agreement.
2. Not performing personal, credit and criminal background checks on
every occupant 18 years or older.
3. Permitting tenants to move in before signing a lease, reviewing their
application, receiving a security deposit and signing a move-in inspection form.
4. Locking out tenants or discontinuing utility service without first
consulting an attorney.
5. Removing and disposing of the tenants furnishings and belongings without
first consulting an attorney.
A few “Essentials” in Buying Real Estate
1. Indiana law requires that all agreements for the purchase of real
estate must be in writing and signed by the responsible parties.
2. At the time the Purchase Agreement is signed, the Seller is required
to provide a Buyer a document called “Sellers Sales Disclosure Form”. Look it over
carefully and remember it is not a warranty by the Seller of the conditions described
in the disclosure form.
3. Always hire a professional to perform a thorough inspection of the
Property you are buying including the roof, foundation, electrical, plumbing, heating
and a/c systems, well and septic and radon intrusion.
4. Consider very carefully any contingencies that must first be satisfied
for you to complete the purchase, including inspections, financing, move-in requirements
and the sale of an existing residence.
5. If extensions are required to complete a contract condition, they
must be in writing and signed by the same parties who signed the Purchase Agreement.
6. Always have a professional review an updated title insurance policy
provided by the Seller before closing. This will assure the Buyer that the Seller
has clear title to convey to the Buyer at closing.
7. Perform a walk-thru inspection the day before closing.
8. Your realtor is there to assist you in your purchase, not to perform
inspections or make decisions for you.
If you would like to talk to one of our attorneys, call 219.464.3246
or 877.526.4371 or for more extensive information about
your particular situation, complete and submit a
Case Evaluation form. We look forward to talking with you.