Requirements for Indiana Real Estate Listing Agreements & Offers

Instructor: Tara Schofield
You will fill out many forms as a real estate agent, but some of the most important documents are the listing agreement and written offers. Learn the requirements for these documents.

Statutory and Regulatory Requirements for Listing Agreements

The listing agreement is the contract that you have with your seller. It explains what role you will play in selling your client's house. The agreement is a templated form that has options to select or blanks to fill in. There are some key rules regarding listing agreements that you must remember.

  • In Indiana, listing agreements must have a definite date of expiration, meaning you will work to sell the house for a set amount of time, and if the property isn't sold by that date, the contract expires. You and the seller can create a new agreement if you care to continue with the seller/agent relationship.
  • You must identify what type of agency you will provide during the listing period. For instance, if you are going to work only for the seller as the exclusive agent who gets commission regardless of who sells the property, that needs to be clearly identified. The last thing you want is confusion about whether you get paid or not when the home is sold.
  • Listing agreements need to outline the duties and responsibilities of the agent and sellers. This includes outlining what you will do to market the house, what you are allowed to tell buyers, and what the seller will do to prepare the house for sale.
  • Make sure you include the commission rate your seller will pay when you sell the house. This percentage, often between five and six percent, needs to be included in the Indiana listing agreement to ensure the seller is clear about the amount he or she will pay at closing.

Requirements for Written Offers in Indiana

If you are representing a buyer who wants to make an offer on a home, you need to understand how to make a written offer on your client's behalf and abide by the Indiana real estate laws. The written offer must include some important information:

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