Is your real estate agent representing your best interests? Under Ohio law real estate agents are allowed to practice three types of agency, sellers agency, buyers agency and dual agency. A sellers agent represents the seller and only the seller of a home, the sellers agent must follow the sellers lawful instructions, be loyal to the seller, promote the sellers best interest, disclose material facts to the seller, maintain confidential information, act with reasonable skill and care and account for any money they handle in the transaction.
A buyers agent represents the buyer and only the buyer of a home, the buyers agent must follow the buyers lawful instructions, be loyal to the buyer, promote the buyers best interests, disclose material facts to the buyer, maintain confidential information and account for any money they handle in the transaction.
In dual agency, a real estate agent represents the seller and the buyer. The dual agent must maintain a neutral position in the transaction. They may not advocate the position of one client over the best interests of the other client.
Questions or comments write or email eugene.dougherty@realliving.com
Monday, September 11, 2006
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