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Indiana Office Policy for Sellers - Disclosure Regarding Real Estate...

Indiana Office Policy for Sellers - Disclosure Regarding Real Estate Agency Relationships

Q: Is Indiana a full disclosure state?

Case Law Update Since the mid-1990&#039;s, the State of Indiana has required sellers of single-family residential real estate to complete and deliver to buyers a disclosure form entitled Seller&#039;s Residential Real Estate Sales Disclosure, pursuant to the requirements of Indiana Code 32-21-5.

Category:

Real Estate - Brokers

State:

Indiana

Control #:

IN-04300BG

Format:

Instant download

Description

This form seeks to comply with Indiana Code Section 25-34.1-10-13 which provides:

(a) A principal broker shall develop and enforce a written office policy that identifies and describes the agency relationships that a licensee may have with a seller, landlord, buyer, or tenant and that specifically permits or rejects the practice of disclosed limited agency.

(b) At the beginning of an agency relationship, a licensee shall disclose in writing the principal broker's written office policy set forth in this section before the disclosure by the potential seller, landlord, buyer, or tenant of any confidential information specific to that potential seller, landlord, buyer, or tenant.

(c) Parties to a real estate transaction shall be advised whether compensation will be shared with other principal brokers who may represent other parties to the transaction whose interests are different or even adverse.

(d) The payment of compensation does not create an agency relationship between a licensee and a seller, landlord, buyer, or tenant.

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FAQ

In California, certain types of agency relationships, like dual agency without proper declaration, are not permitted and thus should not be included in the disclosures. It is crucial to recognize the difference, as failing to disclose accurately can lead to legal complications. The Indiana Office Policy for Sellers - Disclosure Regarding Real Estate Agency Relationships helps clarify acceptable agency relationships specific to Indiana, so you can comply with local regulations.

For these reasons, the best way to go about canceling a contract with a Realtor is to simply call the broker and explain your desire to end the contract with their agent. Many reputable brokers who wish to stay in your good graces (and with the community's) will let you out of the contract.

Some states do not disclose the actual value of property sales to the public. Non-disclosure states include: Idaho, Indiana, Kansas, Mississippi, Missouri, Montana, New Mexico, North Dakota, South Dakota, Texas, Utah, and Wyoming.

Case Law Update Since the mid-1990's, the State of Indiana has required sellers of single-family residential real estate to complete and deliver to buyers a disclosure form entitled Seller's Residential Real Estate Sales Disclosure, pursuant to the requirements of Indiana Code § 32-21-5.

To recap, the agency disclosure process has three parts: disclose, elect, and confirm. And always remember that only the employing broker can be a Listing Agent or Selling Agent.

In a real estate transaction, brokers and agents are key parties that help carry out the sale.Full disclosure provides the parties to a transaction all the details needed to evaluate the property, to make the decision to move forward or reject a sale, and for successful negotiations.

Indiana Courts generally apply the rule of caveat emptor, or buyer beware, in connection with sales of residential real estate.Notably, there is no exception for the sale of a residential property by a seller that never lived in the home being sold.

You have to bring evidence that the seller knew or should have known about the issues, and they purposely covered it up. For example, if it was obvious that the seller tried to hide mold by painting over it, photos of that would work as evidence.

As a local homeowner myself, I recommend that you get familiar with this form, and remember it is not a contract, just simply a disclosure.

By ratification. in writing. by estoppel.