- An out-of-state licensee can enter cooperative agreement with Indiana licensee for acts related to real estate.
- Cooperative agreement requires out-of-state licensee to work closely with Indiana licensee (see statue for specifics) and must file consent to jurisdiction with Indiana Real Estate Commission.
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ReciprocityIllinois Any State* * Must pass the state law portion of the Indiana licensing examination |
Specific to Indiana |
Reverse ReciprocityThese states specifically mention Indiana in their Reciprocity: Connecticut, Illinois These States recognize any other State licenses but may have additional requirements: Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennesee, Vermont, Washington |
Customs
Title companies, lenders, real estate agents, and attorneys handle closings.
Conveyance is by warranty deed. Mortgages are the customary security instruments.
Indiana uses ALTA policies and certain endorsements.
Buyers usually pay closing costs and the lender’s title insurance costs, while sellers pay for the owner’s policy.
There are no documentary, mortgage, or transfer taxes but there are property taxes.
Conveyance is by warranty deed. Mortgages are the customary security instruments.
Indiana uses ALTA policies and certain endorsements.
Buyers usually pay closing costs and the lender’s title insurance costs, while sellers pay for the owner’s policy.
There are no documentary, mortgage, or transfer taxes but there are property taxes.
