Next post: In Terms of Homebuyer Help, Ohio is on top! The broker is able to terminate the contract without the entry of your agent. Or you don`t need to terminate your contract, because the broker may offer to assign you simply another agent within the same brokerage. Although you will not have to accept this concession, intermediation is not obliged to release you from the contract by the buyer`s agency and, therefore, it may be an option that deserves to be considered. Unfortunately, no matter how carefully you search for the right realtor, sometimes this relationship just doesn`t work. But before you can work with another realtor to help you buy a home, you need to know how to terminate the buyer`s agent contract – the contract between you and your realtor. In 1996, an Ohio Bill entitled Ohio House Bill 354 was passed, giving potential buyers the opportunity to be represented on an equal footing with a real estate agent representing the buyer`s best interest in the transaction. This new relationship is called “buyer representation” or simply “buyer`s representative.” Other ways, such as the buyer`s agent can help the buyer get the best possible offer, include the proposed things like negotiating for a small serious money deposit, for some or all transaction fees that must be paid by the seller, for the seller to pay for a home warranty to the buyer or for other contractual terms that are most favorable to the buyer. In the past, in Ohio and now in many other states, all real estate agents have worked for the owner or seller, in almost all cases. In the past, each agent had a “fiduciary responsibility” (or duty of loyalty) to the seller, even though the agent was instrumental in bringing the buyer into that particular home. This scenario is no longer the case in Ohio. The underwriters who act as representatives of the buyer must also fulfill certain obligations to their customers. These are in addition to their fiduciary duties described above.
These obligations are: The broker who works as your “buyer agent” is paid by the Listing Brokerage. The owner has an agreement with listing/Seller`s Realtor and Brokerage, which stipulates that a commission in a certain percentage of the purchase price is paid to the Listing Company if his home is sold. Through the local multiple list service (MLS), this listing agent has an agreement to pay a portion of that commission to a “buyer agent” when a “buyer representative” leads a buyer to purchase the home. So whether you use a broker or not, the home seller pays the same amount of commission. If you use a buyer agent, the purchase price is the same and the buyer`s representation did not cost you any money! These are some of the elements of our exclusive buyer brokerage agreement.