Sellers' Representation

Seller 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 icensee (your broker or salesperson) at ERA Bob John represents the interest of the Seller as a Seller's agent to sell the Property. Such Licensee owes duties of trust, loyalty, confidentiality, accounting and disclosure to the Seller. However, Licensee must deal honestly with a Buyer and disclose information to the Buyer about the Property. All representations made by Licensee about the Property are made as the agent of the Seller.

Seller is advised that the Property may be sold with the assistance of other Licensees working as Buyer agents and that Licensee's company policy is to cooperate with and compensate Buyer agents. Buyer agents are Licensees who show the Property to prospective Buyers, but who represent only the interests of the Buyer. Buyer agents owe duties of trust, loyalty, confidentiality, accounting and disclosure to Buyers. All representations made by Buyer agents about the Property are not made as the agent of the Seller.

Limited Agency Authorization. The Licensee or the principal or managing broker may personally represent a Buyer as a Buyer's agent. If such a Buyer wishes to see the Property, then Licensee has agency duties to both Seller and Buyer which may be different or even adverse. If limited agency arises, Licensee shall not disclose the following without the informed consent, in writing, of both Seller and Buyer:

(a) Any material or confidential information, except adverse material facts or risks actually known by Licensee concerning the physical 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.
(b) That a Buyer will pay more than the offered purchase price for the Property.
(c) That Seller will accept less than the listed price for the Property.
(d) Other terms that would create a contractual advantage for one party over another party.
(e) 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.