Sec. 7. (a) This section does not apply:

(1) to fees or commissions that arise from a lease, including fees or commissions for a sale of the property, lease expansions, or lease renewals;

contract signature

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Terms Used In Indiana Code 32-28-12.5-7

  • broker company: has the meaning set forth in Indiana Code 32-28-12.5-0.5
  • commercial real estate: means any real estate other than:

    Indiana Code 32-28-12.5-1

  • fees or commissions: means compensation owed to a broker company for performing services requiring a license under Indiana Code 32-28-12.5-2
  • in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • real estate: has the meaning set forth in Indiana Code 32-28-12.5-4
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
(2) if a broker company‘s fees or commissions have been paid in full; or

(3) if a broker company waives the notice requirements of this section in writing.

     (b) Not later than ten (10) days before the planned closing of a transaction involving the sale of commercial real estate, the owner shall notify the following persons of the date of the closing, the time of the closing, the address of the closing, and of the name of the closing agent, title company, or title insurance agent:

(1) One (1) or more broker companies to whom the owner owes fees or commissions.

(2) The closing agent, title company, or title insurance agent involved in the transaction.

Notice under this subsection shall be sent by registered or certified mail, return receipt requested, or by another means of service authorized by the Indiana trial rules that provides proof that the addressee has received the notice.

     (c) To exercise its rights under this chapter to file a lien after receipt of the notice under subsection (b), the broker company must notify the closing agent, title company, or title insurance agent at the address in the notice of the amount of the fees or commissions owed before the time of the closing stated in the notice.

     (d) If the broker company does not attend the closing of a transaction involving the sale of commercial real estate, the owner shall certify in writing at the closing, under the penalties of perjury:

(1) that:

(A) the owner has notified the broker company in accordance with subsection (b); and

(B) the broker company received the notice; or

(2) that the broker company has been paid in full.

As added by P.L.78-2006, SEC.1. Amended by P.L.127-2012, SEC.53; P.L.116-2015, SEC.26.

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