Agency
Under Indiana law, an agent's duty to disclose material facts includes disclosing:
AOnly physical defects the agent personally observed
BAll known material facts that could affect the property's value or the buyer's decision to purchase✓ Correct
COnly defects listed on the seller's disclosure form
DOnly defects that affect structural integrity
Explanation
The duty of disclosure is broad — it includes all known material facts that could affect the property's value or a reasonable buyer's decision to purchase, regardless of how the agent learned of the condition.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
State-Specific Concepts
Disclosure Requirements
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