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Thursday, March 30, 2006

Ind. Law - Yet again on: Home sellers lose with this new law

The ILB has had a number of entries on the recent changes to the real estate law, the most recent being this entry from March 24th.

Today, the Indianapolis Star, which has yet to publish a news story on the legislation, posts two letters on HB 1339, one from the author of the bill, Rep. Tim Harris, and one from the Indiana Association of Realtors. Both say that new language added by the bill, language which has been condemned by the FTC in other states, merely closes a loophole in the law. The Harris letter explains:

The problem was that the current real estate law contained a loophole that allowed licensees to avoid all of these responsibilities by entering into a contract. HB 1339 merely says that a subset of these duties may not be contracted away.
Exactly.

For a detailed analysis, see Advance Indiana's entry this morning. It concludes:

[Advance Indiana] hopes that the advertising the realtors purchase from the Star has not in some way affected its ability to provide unbiased news coverage to its readers. It is remarkable that a law which so dramatically alters the real estate legal landscape in Indiana has so far escaped mention on its news pages.

Posted by Marcia Oddi on March 30, 2006 10:37 AM
Posted to Indiana Law