If the managing broker dies, a broker has what maximum period of time to complete business already under contract?

When considering the protocol following the death of a managing broker, it's important to recognize that there are regulations in place to ensure business continuity for clients and other brokers involved in transactions. In Indiana, when a managing broker passes away, brokers affiliated with that brokerage are allowed a maximum period of 90 days to finalize any existing contracts or transactions.

This provision is crucial because it offers brokers the necessary time to complete these obligations, which helps prevent disruptions in service for clients and maintains the integrity of the agreements entered into by the brokerage. After this period, any outstanding business would need to be managed under the guidance of a new managing broker to ensure compliance with local real estate laws and practices.

The specified duration reflects a balance; it is long enough to allow for the transition but also emphasizes the need for expediency and professionalism in the real estate market.