In Ohio years ago, the “policy of agency” (who an agent represents) was that both the listing agent and the selling agent represented the seller (who paid the commission.) Ohio’s Agency law is now different. These days, the listing agent represents the seller, and the buyer’s agent represents the buyer. Buyers have a choice! Sellers still pay commission but it is paid to the brokerage of the listing agent. That brokerage in turn splits the commission with the brokerage of the buyer’s agent. The individual agent is then paid on whatever level has been agreed upon in their office contract. Agents have a choice!
Agents can choose to represent either the seller or the buyer, or both if the situation arises (as long as both the buyer and seller consent). In this case the agent is a Dual Agent and has a duty to be fair and honest to both buyer and seller.
What’s my policy? Very simply:
For people transferring, relocating or asking me for information on homes, I represent the buyer. You may ask – what’s covered in this representation? These are the standards I follow:
Accountability – to my client and for my actions
Benefits to the Buyer
- My commitment to the buyer
- Protection of the buyers interest
- Disclosure and loyalty
- Negotiating experience
- Mortgage financing
- Best possible deal for buyer
I do not ask a buyer to sign an Exclusive Buyer Broker Agreement, although I will be happy to do so if asked. On behalf of my buyer I extend much time. effort, loyalty, education and expertise. I would hope that with the level of service I strive to offer, a buyer will be loyal to me.
When an offer is written, it is then necessary to sign an Agency Disclosure stating who I represent and it will become part of the offer. It will also be in the language of the contract.
Regarding New Construction, I can represent the buyer as well. Most builders in this area do cooperate with real estate agencies and many seek out our assistance.
I am extensively trained in New Construction and would represent you well, especially someone who has never built a new home before and is unfamiliar with the process.
Ohio state law is based on “Caveat Emptor” (Let the buyer beware!) There are inspections, deadlines, disclosures, loan procedures and title work. Today, the buyer needs representation!