Herb Baldwin, RealtorŪ
Your "Morrow & Delaware County Connection"
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Herb Baldwin, RealtorŪ
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| Just What Is "Agency Law"? In the state of Ohio, there are various types of "Agency" with regard to Real Estate relationships. The more popular agency relationships are listed below along with an explanation of what that relationship means to you as a client. It is required by state law that potential clients receive copies of the "Disclosure of Agency Relationship" prior to any activity such as; showing of a home, (other than an Open House), discussion of pre-qualification for a loan by lenders, or writing of an offer or listing agreement. SELLERS AGENCY - In this type of relationship, the agent and the brokerage owe the seller the duties of loyalty, obedience, confidentiality, accounting, and reasonable skill and care in performing their duties and any other duties contained in an agency agreement. The agent and brokerage are required to act solely on behalf of the sellers interest to seek the best price and terms for the seller. Finally, a seller's agent and brokerage also have a duty to disclose to the seller all material information obtained from the buyer or from any other source. BUYERS AGENCY - In this type of relationship, a buyer's agent and the brokerage owe the buyer the duties of loyalty, obedience, confidentiality, accounting and reasonable skill and care in performing their duties and any other duties contained in an agency agreement. The agent and brokerage are required to act solely on behalf of the buyer's interests to seek the best price and terms for the buyer. Finally, a buyer's agent and brokerage also have a duty to disclose to the buyer all material information obtained from the seller or from any other source. DISCLOSED DUAL AGENCY - In this type of relationship, one agent may represent both parties in a real estate transaction, BUT ONLY IF BOTH PARTIES CONSENT. Disclosed dual agency is most likely to occur when both the buyer and seller are represented by the same agent. If this happens, the buyer and seller must sign a separate DUAL AGENCY DISCLOSURE STATEMENT that describes the duties and obligations of the dual agent. A dual agent may not disclose any confidential information that would place one party at an advantage over the other party and may not disclose any of the following information without the informed consent of the party to whom the information pertains: 1)That a buyer is will to pay more than the price offered; 2)That a seller is willing to accept less than the asking price; 3)Motivating factors of either party for buying or selling; 4)That a party will agree to financing terms other than those offered; 5)Repairs or improvements a seller is willing to make as a condition of sale; and 6)or any concession having an economic impact upon the transaction that either party is willing to make. Call Herb for more information on Agency Law and how it affects you
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