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.
South Bend Indiana Office Policy for Sellers — Disclosure Regarding Real Estate Agency Relationships In South Bend, Indiana, the Office Policy for Sellers — Disclosure Regarding Real Estate Agency Relationships is an important document that outlines the relationship between real estate agents and their clients. This policy ensures transparency and clarity for sellers regarding the agency's responsibilities, obligations, and types of representation. The South Bend Indiana Office Policy for Sellers generally includes the following key points: 1. Types of Agency Relationships: The policy explains the various types of agency relationships that can exist between a real estate agent and a seller. These relationships may include Seller Agency, Buyer Agency, Dual Agency, or Transaction Brokerage. Each relationship entails specific duties and obligations. 2. Seller's Representation: This section outlines the responsibilities of the real estate agent representing the seller. It includes factors such as loyalty, confidentiality, obedience, disclosure, accounting, and reasonable care. The policy ensures that the agent acts in the best interests of the seller throughout the real estate transaction. 3. Duties to Other Parties: The policy also explains the agent's obligations towards other parties involved in the transaction, such as potential buyers or cooperating brokers. It clarifies the expected level of professionalism and fairness in dealing with these parties. 4. Dual Agency Disclosure: If a real estate agent from the same brokerage represents both the seller and the buyer in a transaction, there may be a potential dual agency situation. The policy clearly discloses the implications of dual agency and requires written consent from both parties involved. 5. Confidentiality and Disclosure: The policy emphasizes the importance of confidentiality and disclosure of information. It outlines what information can be shared with prospective buyers, cooperating brokers, or other parties involved in the transaction while maintaining the seller's privacy and legal requirements. 6. Terms of Agreement and Compensation: The policy may include standard terms of the agreement between the seller and the real estate agent, including the length of the listing period, marketing strategies, and the agreed-upon compensation or commission structure. It is important to note that different real estate offices in South Bend, Indiana, may have their specific variations of the Office Policy for Sellers — Disclosure Regarding Real Estate Agency Relationships. These variations might reflect specific brokerage practices, policies, or local regulations while still adhering to the basic principles outlined by the state's real estate board. It is crucial for sellers to carefully review and understand the Office Policy for Sellers before entering into any real estate transaction. This policy ensures transparency, protects the rights of sellers, and establishes a professional relationship between the seller and the real estate agent or brokerage.
