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.
Title: Understanding Evansville Indiana Office Policy for Sellers — Disclosure Regarding Real Estate Agency Relationships Keywords: Evansville Indiana, Office policy, Sellers, Disclosure, Real estate, Agency relationships Introduction: Evansville Indiana's real estate market is governed by specific office policies and regulations designed to protect both buyers and sellers during the transaction process. One crucial aspect is the requirement of a Seller's Disclosure regarding real estate agency relationships. This document aims to inform sellers about the relationship between real estate agents and their responsibilities. Let's explore the different types of policies that sellers should be aware of. 1. Full-Service Agency Policy: In Evansville, the full-service agency policy is the most common relationship between sellers and real estate agents. Under this policy, the agent represents the seller exclusively, acting in their best interest throughout the transaction. The agent provides comprehensive services, including marketing, pricing guidance, negotiations, disclosure obligations, and assistance with all aspects of the sale. 2. Limited Agency Policy: Under limited agency policy, a real estate agent may represent both the seller and the buyer in the same transaction, with the informed consent of both parties. In such cases, the agent must act impartially, treat both parties honestly, and avoid any conflicts of interest. Limited agency requires agents to ensure fair treatment to all parties, while keeping specific information confidential. 3. Dual Agency Policy: In some instances, an agent may represent both the seller and the buyer as dual agents. Dual agency differs from limited agency primarily in that the agent acts as a neutral facilitator, without favoring one party over the other. This policy can only be implemented with the written consent of all parties involved. Dual agency strictly mandates confidentiality and impartiality by the agent, ensuring equal representation and fair treatment to both buyer and seller. 4. Transaction Brokerage Policy: Evansville also recognizes transaction brokerage as an agency relationship. Under this policy, the real estate agent acts as a facilitator, assisting the seller and the buyer without representing either party exclusively. The agent acts as an intermediary, providing valuable services such as drafting contracts, facilitating communication, and ensuring all legal requirements are met. Transaction brokers don't owe fiduciary duties but still need to act honestly, ethically, and disclose all pertinent information to both parties. Conclusion: Evansville Indiana's office policies for sellers regarding disclosure of real estate agency relationships are crucial for effective and transparent property transactions. It is essential for sellers to have a clear understanding of the different agency policies available and make informed decisions based on their specific needs and preferences. By aligning their expectations with the appropriate agency relationship, sellers can ensure a smooth, fair, and successful real estate transaction in Evansville.
