Which statement is true regarding purchase agreements in Indiana?

The correct explanation centers around the legal requirements for purchase agreements in Indiana. Purchase agreements, which are essential documents in real estate transactions, must be signed by both parties involved in the transaction to create a binding contract. This ensures that both the buyer and seller agree to the terms laid out in the agreement.

While the specific format of how many copies are required can vary, the critical aspect is that both parties must express their consent through signatures. A purchase agreement that lacks the signatures of either the buyer or seller may not be enforceable, as there is no agreement without mutual consent.

Verbal agreements and the notion of requiring witnesses are not consistent with the established practices for purchase agreements in Indiana. Therefore, the emphasis on needing signatures by both parties is paramount in making the agreement legally binding, reinforcing the concept of mutual consent in contract law.