Office Policy For Buyers
Agency Relationships. Indiana Law (I.C.25-34.1-10-9.5)provides that a licensee has an agency relationship with, and is representing the individual with whom the Licensee is working unless (1)there is a written agreement to the contrary; or (2) the licensee is merely assisting the individual as a customer. The Licensee(your broker or salespersan)at ERA First Advantage Realty, Inc. represents the interests of the Buyer as a Buyer's agent when showing another company's listing. Such Licensee owes duties of trust, loyalty, confidentiality, accounting and disclosure to the Buyer. However, Licensee must deal honestly with a seller. All representations made by Licensee are made as the agent of the buyer.
Limited Agency Authorization. The Licensee or the prinicipal or managing broker may personally represent a seller as a Seller's Agent in the case of a property listed with ERA First Advantage Realty, Inc. If that occurs, then licensee has agency duties to both Buyer and Seller which may be different or even adverse. If limited agency arises, Lincesee shall not disclose the following without the informed consent, in writing, of both Buyer and Seller.
- Any material or confidential information, except adverse material facts or risks acturally known by Licensee concerning the phisical condition of the Property and facts required by statute, rule, or regulation to be disclosed and that could not be discovered by a reasonable and timely inspection of the Property by the parties.
- That a Buyer will pay more than the listed price for the Propertyl
- That Seller will accept less than the listed price for the Property.
- Other terms that would create a contractual advantage for one party over another party.
- What motivates a party to buy or sell the Property.
In a limited agency situation, the parties agree that there will be no imputation of knowledge or information between any party and the limited agent or among Licensees.
As a Buyer's Agent or Limited Agent, Licensee will obtain compensation pursuant to a listing contract unless a written Buyer's Agency Contract privides for an alternative payment method.
