Caveat Emptor Ohio Home Buyers
Let the Buyer Beware! Purchasing a home is typically one of the largest investments you can make and it only makes sense that you would want to be assured that you were doing so in the most informed way possible. Hiring a representative who understands the complications and implications of the home buying process is the first step many people take. A professional real estate agent, especially one who is a member of the National Association of Realtors and whom carries the Realtor designation, is typically the best option for most buyers.
What Does Buyer Representation Mean?
It is not uncommon for a buyer to enter into a written exclusive agreement with a Realtor. This agreement obligates the Realtor to the interests of the buyer and the buyer to the services of the Realtor. Most buyers do not understand that this type of agency is even available because it is not commonly advertised. Others shy from Realtors out of ignorance about compensation because they do not understand that real estate representative's fees and commissions are built into the market price of a home.
When a home buyer and a Realtor enter into an agreement of representation, the Realtor is then bound to: follow the buyer's 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 that is handled in the transaction. The majority of homes for sale involve a real estate agent who has listed the sellers' property for sale. This representative of the seller promotes the home to other real estate agents and to the public. This agent has an obligation to the sellers' best interests, not to any buyers who contact them because of their advertising and open houses. A buyers' agent is the adversary of the sellers' agent. It is important that all home buyers understand this.
Buyer Representation by a Realtor
The Ohio Revised Code sets the educational requirements for becoming a licensed real estate agent. It also includes laws for real estate brokers and agents to comply with in their individual practices. In order to be compensated for representing a home buyer in Ohio you must either have a real estate license or a law license. Licensed agents can become Realtors by joining, and agreeing to a-bide by the very strict National Association of Realtors Code of Ethics. Everyone who wishes to have representation in a real estate transaction has the choice of going through the process alone, with a lawyer who typically deals with many legal issues, a licensed real estate agent who meets the minimum requirements of the State, or with a Realtor who is held to the highest standards in the industry.
I am a full time, profession Realtor and would be happy to take the time to explain Ohio home buyer representation, commissions, or agency. Please contact me for all of your real estate questions.