When you begin looking for a new home, you probably already realize you will have many documents to sign. You may feel overwhelmed at the amount of legal red tape involved in a real estate transaction. Many of the papers you sign outline your responsibilities to the mortgage lender and provide information about the laws that pertain to your new Indiana home.
Once you find a home that checks off the boxes on your wish list, one of the first documents you will sign is a purchase contract. This legally binding agreement says that you intend to buy the property, and you typically put down a good faith deposit to prove your intentions. However, this does not mean you are stuck buying a home that may end up being wrong for you. It is important that you read your contract carefully and understand the options you have for canceling the sale.