Real estate and the law

REALTORS® play many roles in guiding Hoosiers along the journey towards buying or selling a home – professional representative, market expert, financial advisor, counselor and confidant in the life-changing choices that make homeownership a reality.

The legal aspects of the homebuying and -selling process are also crucial and wide-ranging: REALTORS® are knowledgeable on all relevant federal, state and local legal and regulatory requirements, the necessary forms, disclosures and documentation involved in this complex transaction, staying up to date on the latest developments.

They’ll cut through the jargon, explain the process, and help you avoid potential delays, costly errors or omissions and other legal pitfalls. 

Indiana law defines the legal responsibilities of real estate brokers to their clients – the ‘agency relationship’ that requires certain duties and standards of representation. The REALTOR® Code of Ethics brings additional protections for homebuyers and sellers who choose to work with a REALTOR®.

Indiana law requires a written agreement for real estate brokers to represent a homebuyer; REALTOR® MLS rules also require signed agreements to represent buyers and show homes listed on the MLS. The first step towards working with a REALTOR® is a written agreement – similar to starting a relationship with an attorney, accountant or financial advisor – and a discussion of services, expectations, timelines and compensation for consumer transparency and protection.