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  Do I Need to Sign a Buyer-Broker Agreement When Buying a Home in St. Joseph or Elkhart County, Indiana? Buying a Home in Indiana If you're preparing to buy a home in St. Joseph or Elkhart County and wondering about the current process for working with a real estate agent (Realtor), here's what you need to know. Starting mid-July 2024, a new policy from the National Association of Realtors® (NAR) requires agents to secure a signed buyer-broker agreement before assisting buyers. This policy ensures: Clarity: Clearly defining the agent-buyer relationship and outlining agent fees. Commitment: Prohibiting agents from showing homes without an official agreement. Transparency: Setting clear expectations for services and compensation. While these stipulations have already been standard practice in many places, including Indiana, this nationwide policy strengthens transparency and ensures that all parties are on the same page from the outset. What Is a Buyer-Broker Agreement? A Buyer-Broker Agreement is a contract between a homebuyer and a real estate agent that outlines the agent’s duties, compensation, and the buyer’s obligations. Here’s a closer look at its key elements: Establishing a Working RelationshipSigning this agreement formalizes your partnership with your agent. It legally obligates the agent to represent your best interests during the home-buying process — from negotiations to market analysis and paperwork guidance. Seeking more information about buying or selling in Indiana? Check out these helpful resources: When is the best time to sell a home in South Bend? Top 10 Reasons a Home Sale Falls Apart Will I pay Capital Gains on my Home Sale? 10 Essential Documents for a Smooth Home-Buying Journey Search Today's Hottest New Listings! Compensation ClarityThis agreement specifies how your agent will be compensated, typically through the seller’s commission, meaning no direct cost to you. However, in cases where the seller doesn’t offer a commission, the agreement may require the buyer to pay. Reviewing this section carefully helps you understand any potential financial obligations. ExclusivityMost buyer-broker agreements are exclusive, meaning you agree to work solely with that agent for a specified time. This benefits both parties — your agent commits fully to your search, and you gain dedicated service. Non-exclusive agreements exist but are rare. Scope of RepresentationThe agreement outlines the agent’s duties, such as finding properties, negotiating offers, and providing market advice. It also specifies your responsibilities, like maintaining communication and honoring scheduled showings. Cancellation TermsThe agreement includes cancellation terms, ensuring flexibility if the partnership doesn’t work out. These terms protect both parties and ensure you can terminate the contract under specific conditions. The New NAR Policy and What It Means for You The new NAR policy introduces significant changes for buyer-agent relationships. Agents must have a signed buyer-broker agreement before showing properties, ensuring transparency and clear communication about services and compensation. Another notable update prohibits the display of buyer-broker compensation on Multiple Listing Service (MLS) listings. Instead, compensation is negotiated directly between the buyer, seller, and their agents or arranged through seller-offered concessions like closing cost support. These changes reflect a broader industry shift toward transparency, consumer choice, and clarity in real estate transactions. Buying a home in St. Joseph or Elkhart County is a big decision, and understanding your rights and responsibilities as a buyer is crucial. For more on how the NAR settlement impacts homebuyers and sellers, visit their official page. Tim VicsikRE/MAX 100www.ND-Condos.comTim@TimVicsik.com (574) 329-9587

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Pre-Move Check List! So, you’ve navigated the South Bend housing market and now hold the keys to your new home! Congratulations! But before you dive into decorating and unpacking, there are several essential tasks to tackle that will ensure a smooth transition into your new space. We’ve compiled a comprehensive checklist of what to do before moving into your South Bend home. Essential Tasks Before Moving In Change the Locks: First things first, change the locks on all exterior doors. This simple step enhances your security by ensuring that only you and your family can access your new home. You can never be too sure who may have keys from previous owners or contractors. Consider contacting a local locksmith like Michiana Lock and Key or Ace Safe and Lock of South Bend. Test Smoke and Carbon Monoxide Alarms: Safety should be your top priority. Before moving in, test all smoke detectors and carbon monoxide alarms to ensure they are functioning properly. If they are outdated or not working, replace them immediately. You can find replacements at local hardware stores like Ace Hardware or Home Depot. Service HVAC and Appliances: Schedule a professional service for your HVAC system, furnace, or air conditioning unit. It’s also wise to check that all appliances (if included with the home) are in good working order. Addressing these issues now can prevent discomfort later, especially with South Bend's fluctuating weather. Local HVAC companies include Sun Services Heating & Air and Sikorski Heating and Cooling. Complete Inspection Projects: Review the inspection report from your home purchase and tackle any necessary repairs or projects before moving in. This might include fixing leaky faucets, painting walls, or replacing worn-out fixtures. Local handymen or contractors can be found through resources like your Realtor or by searching local South Bend contractor directories. Deep Clean Your New Home: Whether you choose to hire a cleaning service or do it yourself, ensure that your new home is thoroughly cleaned before unpacking. This is much easier when the space is empty, allowing you to reach every corner. Consider local cleaning services like Professional Touch Cleaning or Michiana Cleaners. Locate Important Utilities: Familiarize yourself with the location of the circuit breaker and main water shut-off valves. Knowing where these are can save you time and trouble in case of an emergency. This is especially important in South Bend with its older housing stock. Update Your Address: Don’t forget to update your address with important institutions such as banks, credit card companies, and the postal service. You can do this online through the USPS website. Transfer Utilities: Contact utility companies to transfer services (electricity, water, gas, internet) to your name before moving day. This will help avoid any interruptions in service when you arrive. In South Bend, you'll likely need to contact companies like Indiana Michigan Power (electric), NIPSCO (gas), and the City of South Bend for water. For internet, options include Xfinity, Metronet, and AT&T. Monitor Your Credit Score: As a new homeowner, keeping an eye on your credit score is crucial for future financial decisions, especially when it comes to your home. Regular monitoring can help you catch any discrepancies early.  Most credit cards and banks offer free Credit Monitoring! Set Up an Escrow Account: If applicable, set up an escrow account for property taxes and insurance payments to manage these expenses effectively. Your loan officer can help you through the process and answer any questions you may have, note that many lenders now automatically set this up on your behalf.   Organize Important Documents: Create a safe place for important documents related to your home purchase, such as the purchase agreement, closing disclosures, inspection reports, and property deeds. Keeping these organized will be useful for future reference. Getting Settled in South Bend Once you've completed these essential tasks, it’s time to start making your South Bend house feel like home! Unpack Strategically: Start with essentials like kitchenware and toiletries. Measure Spaces: Before arranging furniture, measure rooms to ensure everything fits as planned. Explore Your Neighborhood: Familiarize yourself with local amenities such as grocery stores like Martin's Super Markets, parks like St. Patrick's County Park, and community centers. Meet Your Neighbors: A friendly introduction can help build community ties right from the start. South Bend has many active neighborhood associations that are a great way to connect. Welcome to South Bend! Tim Vicsikwww.ND-Condos.comTim@TimVicsik.com (574) 329-9587 

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Your Home Sale and Capital Gains in Indiana What is capital gains tax?  Let's start with the basics: It's a tax on profits from selling assets like stock or real estate. When you sell these for more than you paid, the IRS taxes the gain. You can find more information on capital gains from the IRS website. In Indiana real estate, capital gains are calculated by taking the final sale price and deducting the original cost. However, the tax on that gain has additional considerations: How long you owned the house Any fees you've paid — escrow, recording and appraisal fees, brokers' commissions (common in Indiana real estate transactions) Your federal income tax bracket (See the IRS tax brackets) Your marital status If you owned your house for less than a year, the capital gains are short-term and taxed at your ordinary income rate (like wages). If you owned it for more than a year, they're long-term. In 2024, long-term capital gains rates are 0%, 15%, or 20%, depending on your federal income. You can find the most up-to-date information on long-term capital gains rates on the IRS website. These are typically lower than ordinary income tax rates. Indiana is a state that has a state income tax, so you will also pay state taxes on your capital gains. You can find more information about Indiana's state income tax from the Indiana Department of Revenue. Exclusions Since most Hoosiers own their homes for more than a year, long-term capital gains rates usually apply. You might avoid some tax because real estate gains have different rules than investment capital gains. These rules apply only to your primary residence; if you sold a second property (investment, vacation, or rental) that wasn't your primary residence, you can't use these exclusions. For most of these exemptions, you must have owned and lived in the house for two of the five years before the sale: You might defer capital gains if, after selling, you reinvest the profits into a new property within 180 days. This is often referred to as a 1031 exchange; you can find more information on 1031 exchanges on the IRS website [invalid URL removed]. You might use a capital gains tax exclusion for your primary residence once every two years. Exemptions are $250,000 if single and $500,000 for couples filing jointly. (Some widowed individuals may qualify for the $500,000 exemption.) See IRS Publication 523, Selling Your Home for details. Itemized construction expenses can be added to your home's cost basis, reducing your tax liability. Improvements must be major—adding a bedroom, renovating a kitchen (like updating that outdated 70s kitchen in your Broad Ripple bungalow), installing a roof—and documented; estimates won't work. (See IRS Publication 523, Selling Your Home for more examples.) Selling costs like real estate agent fees (common when selling in Indiana's competitive market) and closing costs can be deducted from the sale proceeds to reduce your capital gain. You might qualify for a partial exclusion if you sold due to unforeseen circumstances—moving for a job at Cummins in Columbus, a health issue, divorce, a spouse's death, or a natural disaster (like flooding along the Wabash River). You may also qualify if you entered uniformed, foreign, or intelligence services. Again, IRS Publication 523 provides details on these exceptions. Many Indiana homeowners have seen significant capital gains since purchasing their homes, especially in areas like Indianapolis, Bloomington, and Fort Wayne. You can manage the tax liability and keep more profit. Consult an Indiana tax professional to understand all the tax implications of selling your home in Indiana. They'll be familiar with both federal and Indiana state tax laws. Tim VicsikRE/MAX 100www.ND-Condos.comTim@TimVicsik.com (574) 329-9587 

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