This office lease provision states that the landlord and tenant each warrant and represent to the other party that there was no broker, finder or similar person, other than those listed, entitled to a commission, fee or other compensation, instrumental in consummating the lease. It also states that no conversations or prior negotiations were had by the landlord or tenant, respectively, or anyone acting on behalf of the landlord or the tenant, respectively, with any broker, finder or similar person, other than those listed, concerning the renting of the demised premises.
Indiana Lease Provisions Relating to Brokers
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US-OL29A07
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FAQ
Brokers are not only more qualified than agents, but they generally have a few more years of experience. As such, those with a Broker License handle higher-level aspects of real estate transactions, including addressing the legal requirements of a deal and overseeing their agents.
Sec. 3. As used in this chapter, ?psychologically affected property? includes real estate or a dwelling that is for sale, rent, or lease and to which one (1) or more of the following facts or a reasonable suspicion of facts apply: (1) That an individual died on the property.
The difference for the managing broker is the added responsibilities. Basically, at the end of the day, the managing broker is the person legally responsible for the activities of all agents within a real estate brokerage.
(a) A licensee representing a seller or landlord has the following duties and obligations: (1) To fulfill the terms of the agency relationship made with the seller or landlord. (2) To disclose the nature of the agency relationship with the seller or landlord, and redefine and disclose if the relationship changes.
No person shall, for consideration, sell, buy, trade, exchange, option, lease, rent, manage, list, or appraise real estate or negotiate or offer to perform any of those acts in Indiana or with respect to real estate situated in Indiana, without a license.
What is true about a new Indiana broker who leaves a broker company and files an application to be unassigned? The licensee can't practice real estate until reassigned.
If there is a foreclosure sale, a condemnation, or a court-ordered transfer, such as in a divorce, a residential real estate disclosure in not required. Likewise, if the trustee of an estate or a bankruptcy is selling property, the trustee is not required to complete a disclosure form.
Indiana recognizes the following types of joint ownership: Tenants in Common. Tenancy in common is typically the default type of joint ownership for real property, meaning that if the ownership instrument is silent regarding the type of joint ownership, the law will presume you hold it as tenants in common.
