Who is responsible for maintaining accurate records of real estate transactions in Indiana?

In Indiana, the broker holds the primary responsibility for maintaining accurate records of real estate transactions. This duty is crucial as brokers act as intermediaries between buyers and sellers, and they are required to keep comprehensive documentation of each transaction they handle. This includes contracts, disclosures, and any correspondence related to the transaction.

Brokers are also mandated by law to retain these records for a specified period, ensuring that there is an accurate historical account of the transactions they facilitated. This requirement serves multiple purposes: it protects the interests of all parties involved, aids in resolving disputes, and provides a means for regulatory oversight by the Indiana Real Estate Commission.

While buyers and sellers may keep their own personal records of the transaction, it is ultimately the broker's responsibility to ensure comprehensive and accurate documentation according to state law. The role of the state government in this context is more about regulation and oversight rather than maintaining transaction records directly.