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Agency Disclosure Statement - Ohio

Agency Disclosure Statement Form. This is a Ohio form and can be used in General Real Estate Department Of Commerce Statewide .
 Fillable pdf Last Modified 5/7/2008
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AGENCY DISCLOSURE STATEMENT The real estate agent who is providing you with this form is required to do so by Ohio law. You will not be bound to pay the agent or the agent's brokerage by merely signing this form. Instead, the purpose of this form is to confirm that you have been advised of the role of the agent(s) in the transaction proposed below. (For purposes of this form, the term "seller" includes a landlord and the term "buyer" includes a tenant.) Property Address: ____________________________________________________________________________________________ Buyer(s): __________________________________________________________________________________________________ Seller(s): __________________________________________________________________________________________________ I. TRANSACTION INVOLVING TWO AGENTS IN TWO DIFFERENT BROKERAGES The buyer will be represented by ______________________________________________, and ______________________________. AGENT(S) BROKERAGE The seller will be represented by ______________________________________________, and ______________________________. AGENT(S) BROKERAGE II. TRANSACTION INVOLVING TWO AGENTS IN THE SAME BROKERAGE If two agents in the real estate brokerage ___________________________________________________________________________ represent both the buyer and the seller, check the following relationship that will apply: Agent(s)_____________________________________________________________ work(s) for the buyer and Agent(s)_____________________________________________________________ work(s) for the seller. Unless personally involved in the transaction, the broker and managers will be "dual agents", which is further explained on the back of this form. As dual agents they will maintain a neutral position in the transaction and they will protect all parties' confidential information. Every agent in the brokerage represents every "client" of the brokerage. Therefore, agents ______________________________ and _____________________________ will be working for both the buyer and seller as "dual agents". Dual agency is explained on the back of this form. As dual agents they will maintain a neutral position in the transaction and they will protect all parties' confidential information. Unless indicated below, neither the agent(s) nor the brokerage acting as a dual agent in this transaction has a personal, family or business relationship with either the buyer or seller. If such a relationship does exist, explain: _______________________________________________________________________________________________________. III. TRANSACTION INVOLVING ONLY ONE REAL ESTATE AGENT Agent(s) ______________________________________ and real estate brokerage _____________________________________ will be "dual agents" representing both parties in this transaction in a neutral capacity. Dual agency is further explained on the back of this form. As dual agents they will maintain a neutral position in the transaction and they will protect all parties' confidential information. Unless indicated below, neither the agent(s) nor the brokerage acting as a dual agent in this transaction has a personal, family or business relationship with either the buyer or seller. If such a relationship does exist, explain: ____________ _______________________________________________________________________________________________________. represent only the (check one) seller or buyer in this transaction as a client. The other party is not represented and agrees to represent his/her own best interest. Any information provided the agent may be disclosed to the agent's client. CONSENT I (we) consent to the above relationships as we enter into this real estate transaction. If there is a dual agency in this transaction, I (we) acknowledge reading the information regarding dual agency explained on the back of this form. BUYER/TENANT _____________________________________________ DATE _____________________________________________ SELLER/LANDLORD DATE _____________________________________________ BUYER/TENANT DATE _____________________________________________ SELLER/LANDLORD DATE Page 1 of 2 Effective 01/01/05 American LegalNet, Inc. www.FormsWorkflow.com DUAL AGENCY Ohio law permits a real estate agent and brokerage to represent both the seller and buyer in a real estate transaction as long as this is disclosed to both parties and they both agree. This is known as dual agency. As a dual agent, a real estate agent and brokerage represent two clients whose interests are, or at times could be, different or adverse. For this reason, the dual agent(s) may not be able to advocate on behalf of the client to the same extent the agent may have if the agent represented only one client. As a dual agent, the agent(s) and brokerage shall: · Treat both clients honestly; · Disclose latent (not readily observable) material defects to the purchaser, if known by the agent(s) or brokerage; · Provide information regarding lenders, inspectors and other professionals, if requested; · Provide market information available from a property listing service or public records, if requested; · Prepare and present all offers and counteroffers at the direction of the parties; · Assist both parties in completing the steps necessary to fulfill the terms of any contract, if requested. As a dual agent, the agent(s) and brokerage shall not: · Disclose information that is confidential, or that would have an adverse effect on one party's position in the transaction, unless such disclosure is authorized by the client or required by law; · Advocate or negotiate on behalf of either the buyer or seller; · Suggest or recommend specific terms, including price, or disclose the terms or price a buyer is willing to offer or that a seller is willing to accept; · Engage in conduct that is contrary to the instructions of either party and may not act in a biased manner on behalf of one party. Compensation: Unless agreed otherwise, the brokerage will be compensated per the agency agreement. Management Level Licensees: Generally the broker and managers in a brokerage also represent the interests of any buyer or seller represented by an agent affiliated with that brokerage. Therefore, if both buyer and seller are represented by agents in the same brokerage, the broker and manager are dual agents. There are two exceptions to this. The first is where the broker or manager is personally representing one of the parties. The second is where
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