Как агенты и брокеры представляют покупателей и продавцов — и как мы работаем с вами в Local-n-Global Realty.
We are pleased you have selected Local-n-Global Realty to help you with your real estate needs. Whether you are selling, buying, or leasing real estate, Local-n-Global 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.
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 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. In rare circumstances a listing broker may offer "subagency" to other brokerages, which would also represent the seller's interest and owe the seller the same duties.
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.
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 agent become "dual agents," they must maintain a neutral position in the transaction. They may not advocate the position of one client over the best interest of the other client, or disclose any confidential information to the other party without written consent.
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 Division of Real Estate and Professional Licensing at (614) 466-4100, or visit their website at com.ohio.gov.
Local-n-Global Realty offers 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 Local-n-Global 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. However, Local-n-Global Realty will still supervise both agents to assure that their clients are being fully represented.
While it is the policy of Local-n-Global Realty to allow a buyer and seller in the same transaction to be represented by two agents in our brokerage, it does not permit one agent to represent both parties. Therefore, a listing agent working directly with a buyer will represent only the seller's interests. The agent will still be able to provide the buyer with non-confidential information, prepare and present offers at their direction, and assist the buyer in the financing and closing process. However, the buyer will represent their own interests. Because the listing agent has a duty of full disclosure to the seller, a buyer in this situation should not share any information with the listing agent that they would not want the seller to know. If a buyer wishes to be represented, another agent in Local-n-Global Realty can be appointed to act as their agent, or they can seek representation from another brokerage.
When Local-n-Global Realty lists property for sale, it also cooperates with, and may offer compensation to, other brokerages that represent buyers. As a seller, you should understand that just because Local-n-Global Realty shares a fee with a brokerage representing the buyer, it does not mean that you will be represented by that buyer's brokerage. Instead, that company will be looking out for the buyer and Local-n-Global Realty will be representing your interests.
At Local-n-Global Realty, we are committed to transparency and compliance with all applicable laws and regulations. Below is our policy regarding buyer's representation and compensation.
Buyer's representation agreement. Prior to showing any properties, we are required by law to enter into a signed Buyer's Representation Agreement with the buyer. This agreement ensures that both the buyer and the broker fully understand and agree upon the terms of representation and compensation.
Compensation agreement. The Buyer's Representation Agreement allows the buyer to define and control the amount of compensation the buyer's agent will earn. The agreed-upon compensation may be paid in the following ways:
If the seller or listing broker offers compensation, that amount will be applied toward the agreed-upon compensation. However, if the amount offered is insufficient to meet the agreed-upon compensation, the buyer agrees to pay the difference directly to the broker.
Flexibility in compensation. In some cases, upon signing an amendment to the Buyer's Agency Agreement, the broker may agree to waive the insufficient amount. This flexibility allows buyers and brokers to work collaboratively while ensuring fairness and transparency in the process.
Restrictions on broker compensation.
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, military status, 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 helpful 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 sign below, acknowledging receipt of this consumer guide. Doing so will not obligate you to work with our company if you do not choose to do so.