This is one of several state-required forms a Realtor will present to you when you purchase or sell a home.
Presentation of form
Realtors working directly with a buyer, whether as a buyer’s agent or the seller’s agent are required by the state of Ohio to provide the buyer with the Agency Disclosure Statement no later than the time the buyer is ready to make an offer to purchase or lease property, and this form must be signed by both the buyer and the seller.
The Agency Disclosure Statement is designed to be “transaction specific.” This means the form is to be completed based upon the actual property on which the buyer is making an offer and the role(s) of the specific licensee(s) involved. This form is included with the purchase offer that must be signed by the seller.
Types of agency
Buyer agency: The agent strictly represents you and your needs. They have no affiliation with the seller (business or personal)
Split agency: The listing that you are attempting to purchase is listed by the same agency that your agent works for. This can only occur when offices provide for secure fax lines and files. In this instance your agent still represents you exclusively and the seller’s agent represents the seller. The broker for the company works in a dual-agency capacity representing both parties.
Dual agent: You are purchasing the property from the same agent that has the property listed. That agent has a fiduciary responsibility to both parties. They are not able to disclose what a seller is willing to accept nor what you as buyer are willing to pay.
Exceptions
Some exemptions in the license law exist. Licensees do not have to use an Agency Disclosure Statement in these situations:
· referral of a prospective buyer, tenant, seller or landlord to another licensee;
· transactions involving the sale, lease or exchange of foreign real estate;
· transactions involving the sale of a cemetery lot or a cemetery interment right.
Agency law is only one aspect of the real estate transaction. There are many more. Some of this may come across as complicated, but this and other details are in place to protect you, the consumer, during one of the most important decisions in your life. So, if you’re beginning to think about placing your home on the market or buying a home, contact a Realtor today. You’ll be glad you did!
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