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.
The Indianapolis Indiana Office Policy for Sellers — Disclosure Regarding Real Estate Agency Relationships outlines the guidelines and obligations that real estate agencies and agents in Indianapolis, Indiana must adhere to when working with sellers in a real estate transaction. This policy is in place to ensure transparency, protect the interests of sellers, and maintain ethical standards within the real estate industry. Keywords: Indianapolis Indiana, office policy, sellers, disclosure, real estate agency relationships, guidelines, obligations, transparency, protect, interests, ethical standards. Under the Indianapolis Indiana Office Policy for Sellers — Disclosure Regarding Real Estate Agency Relationships, there are different types of disclosures and agency relationships that sellers must be aware of: 1. Single Agency: Single agency occurs when the agent or agency exclusively represents the seller in the real estate transaction. In this relationship, the agent owes fiduciary duties, such as loyalty, confidentiality, and full disclosure, to the seller. The agent's primary goal is to act in the best interest of the seller throughout the transaction. 2. Dual Agency: Dual agency arises when an agent or agency represents both the seller and the buyer in a real estate transaction. This form of agency relationship requires the agent to remain neutral and impartial between the conflicting interests of both parties. Dual agency may occur if the same agent represents both the buyer and seller, or if different agents from the same brokerage represent each party. Disclosure of dual agency must be made to both the seller and buyer, and their informed consent must be obtained. 3. Designated Agency: Designated agency is an arrangement where different agents from the same brokerage are assigned to represent the seller and the buyer separately. In this structure, each agent has a fiduciary duty towards their respective client, acting solely in their best interest. The assigned agents owe their complete loyalty, honesty, and confidentiality to their respective clients. Clear disclosure and written consent are necessary to establish a designated agency relationship. Regardless of the type of agency relationship, the Indianapolis Indiana Office Policy for Sellers — Disclosure Regarding Real Estate Agency Relationships requires that the seller be informed of their rights and options beforehand. The policy mandates that the seller is provided with a written disclosure, clearly explaining the nature of the agency relationships available and the specific responsibilities of the agent or agency in each scenario. Furthermore, the policy emphasizes the importance of maintaining open communication between the seller and the agent throughout the transaction. Sellers should feel comfortable asking questions, seeking clarification, and expressing concerns to their agent. The policy encourages agents to provide complete and accurate information to their seller clients, ensuring a transparent and informed decision-making process. In summary, the Indianapolis Indiana Office Policy for Sellers — Disclosure Regarding Real Estate Agency Relationships provides a framework for ethical conduct and transparency in real estate transactions. It ensures that sellers understand the various agency relationships available to them and can make informed decisions while working with a real estate agent or agency.
