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CONSUMER
GUIDE TO AGENCY RELATIONSHIPS
Great Results Realty
We are pleased you have selected Great
Results Realty to help you with your real estate needs.
Whether you are selling, buying or leasing real estate
Great Results Realty can provide you with expertise and
assistance. Because
this may be the largest financial transaction you will enter
into, it is important to understand the role of the agents and
brokers with whom you are working.
Below is some information that explains the various
services agents can offer and their options for working with
you:
Representing the Sellers
Most sellers of real estate choose to
list their home for sale with a real estate brokerage.
When they do so, they sign a listing agreement that
authorizes the brokerage and the listing agent to represent
their interests. As
the seller’s agent, the brokerage and listing agent must:
follow the seller’s lawful instructions, be loyal to the
seller, promote the seller’s best interests, 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.
In rare circumstances a listing broker may offer
“sub-agency” to other brokerages which would also
represent the seller’s interests and owe the seller these
same duties.
Representing Buyers
When purchasing real estate, buyers
usually choose to work with a real estate agent as well.
Often the buyers want to be represented in the
transaction. This
is referred to as buyer’s agency.
A brokerage and agent that agree to represent a
buyer’s interest in a transaction must: follow the buyer’s
lawful instructions, be loyal to the buyer, promote the
buyer’s best interests, disclose material facts to the
buyer, maintain confidential information and, account for any
money they handle in the transaction.
Dual Agency
Occasionally the same agent and brokerage
who represents the seller also represents the buyer.
This is referred to as dual agency.
When a brokerage and its agents become “dual
agents”, they 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, or disclose any confidential
information to the other party without written consent.
Representing Both the Buyer & Seller
On occasion, the buyer and seller will
each be represented by two different agents from the same
brokerage. In
this case the agents may each represent the best interest of
their respective clients.
Or, depending on company policy, the agents may both
act as dual agents and remain neutral in the transaction.
When either of the above occurs, the brokerage will be
considered a dual agent.
As a dual agent the brokerage and its managers will
maintain a neutral position and cannot advocate for the
position of one client over another.
The brokerage will also protect the confidentiality of
all parties.
For more information on agency law in
Ohio you can also contact the Ohio Division of Real Estate
& Professional Licensing at
(614) 466-4100
, or on their website www.com.state.oh.us.
Working With Great Results Realty
Great Results Realty does offer
representation to both buyers and sellers.
Therefore the potential exists for one agent to
represent a buyer who wishes to purchase property listed with
another agent in our company.
If this occurs each agent will represent their own
client, but Great Results Realty and its managers will act as
a dual agent.
This means the brokerage and its managers
will maintain a neutral position and not take any actions that
will favor one side over the other. Great Results Realty will
still supervise both agents to assure that their respective
clients are being fully represented and will protect the
parties’ confidential information.
In the event that both the buyer and
seller are represented by the same agent, that agent and Great
Results Realty will act as a dual agent but only if both
parties agree. As
a dual agent they will treat both parties honestly, prepare
and present offers at the direction of the parties, and help
the parties fulfill the terms of any contract.
They will not, however, disclose any confidential
information that would place one party at an advantage over
the other or advocate or negotiate to the detriment of either
party.
If dual agency occurs you will be asked
to consent to that in writing.
If you do not agree to your agent acting as a dual
agent, you can ask that another agent in our company be
assigned to represent you or you can seek representation from
another brokerage.
As a buyer you may also choose to
represent yourself on properties Great Results Realty has
listed. In that
instance Great Results Realty will represent the seller and
you would represent your own best interests.
Because the listing agent has a duty of full disclosure
to the seller you should not share any information with the
listing agent that you would not want the seller to know.
Working With Other Brokerages
When Great Results Realty lists property
for sale it also cooperates with, and offers compensation to,
other brokerages that represent buyers. Great Results Realty
does reserve the right, in some instances, to vary the
compensation it offers to other brokerages.
As a seller, you should understand that just because
Great Results Realty shares a fee with a brokerage
representing the buyer, it does not mean that you will be
represented by that brokerage.
Instead that company will be looking out for the buyer
and Great Results Realty will be representing your interests.
When acting as a buyer’s agent, Great Results Realty
also accepts compensation offered by the listing broker.
If the property is not listed with any broker, or the
listing broker does not offer compensation, we will attempt to
negotiate for a seller-paid fee.
Fair Housing Statement
It is illegal, pursuant to the Ohio Fair
Housing Law, division (H) of Section 4112.02 of the Revised
Code and the Federal Fair Housing Law, 42 U.S.C.A. 3601, to
refuse to sell, transfer, assign, rent, lease, sublease or
finance housing accommodations, refuse to negotiate for the
sale or rental of housing accommodations, or otherwise deny or
make unavailable housing accommodations because of race,
color, religion, sex, familial status as defined in Section
4112.01 of the Revised Code, ancestry, disability as defined
in that section, or national origin or to so discriminate in
advertising the sale or rental of housing, in the financing of
housing, or in the provision of real estate brokerage
services. It is
also illegal, for profit, to induce or attempt to induce a
person to sell or rent a dwelling by representations regarding
the entry into the neighborhood of a person or persons
belonging to one of the protected classes.
We
hope you find this information to be helpful to you as you
begin your real estate transaction.
When you are ready to enter into a transaction, you
will be given an Agency Disclosure Statement that specifically
identifies the role of the agents and brokerages.
Please ask questions if there is anything you do not
understand. Because
it is important that you have this information Ohio law
requires that we ask you to acknowledge receipt of this
consumer guide. Your
acknowledgement will not obligate you to work with our company
if you do not choose to do so.
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