Ashland Board of Realtors
Ashland Board of Realtors
* What is Agency Disclosure and Why Do I Have to Sign?
* What is the Residential Property Disclosure Form and when is it used?
What is Agency Disclosure and Why Do I Have to Sign?
Whether you are listing, buying or leasing property, a real estate agent can
provide you with expertise and assistance. In some cases, the real estate agent
will represent you as his/her client; in other instances you may be working with
the agent as a customer.
Under Ohio law, real estate agents and brokers are required to provide you with a
form that discloses who they will represent in the transaction. The "Agency
Disclosure Statement" will be presented to you before you are shown property
or discuss your financial ability to purchase or lease the property. Although you
will be asked to sign the form acknowledging that it was given to you, it is not a
contract and does not obligate you to work with the agent--it simply serves as a
consumer disclosure form to protect your interests.
The "Agency Disclosure Statement" helps you understand the role of the
real estate agent and broker in your real estate transaction. It is also intended to
help you understand the role of other agents who may be involved in the
transaction.
Another form that you may be given later in the transaction is a "Dual Agency
Disclosure Statement". You would only be asked to sign this form if your
agent is going to represent both parties involved in the real estate transaction
(i. e., buyer and seller). (Information provided by the Ohio Association of Realtors)
The MLS or Multiple Listing Service is a service of the Ashland Board of Realtors and
is open to all members of a Board of Realtors. Simply put, the MLS is a computerized
network of participating real estate offices. Through the computer system and bi-weekly
MLS books, information on properties for sale is quickly disseminated to more than
100 cooperating Realtors. This powerful combination strengthens the marketing possi-
bilities for sellers and enables Realtors to better satisfy the housing needs of sellers and
buyers.
What is the Residential Property Disclosure and when is it used?
The Property Disclosure form is required on all residential property transactions
occurring within Ohio with the following exceptions:
* Unimproved land
* Commercial/Industrial property
* Newly constructed residential property
* Court ordered sales
* Transfers between co-owners or those resulting from a divorce
* Inherited property where the seller has not resided in the property for
1 year prior to the sale.
* Transfers to or from the state and other governmental entities.
* Sale to a tenant who has resided in the property for at least one year prior
to the purchase.
* Transfers by fiduciaries in administering an estate, guardianship or trust.
The Residential Property Disclosure form requires home sellers to indicate any known
problems or defects regarding a variety of features and structural aspects of the home.
In some cases the owner must indicate known problems or defects during their owner-
ship or for a period not to exceed the past five years.
The form must be completed, then signed and dated by the homeowners. It must be
presented to prospective buyers as soon as practicable or before an offer to purchase
is made. The buyers must acknowledge receipt of the form by returning a signed, dated
copy of the form back to the seller.
All real estate licensees are not the same. Working with a real estate professional who is
a Realtor is in your best interest. Not everyone who sells real estate is a REALTOR.
Possessing a real estate license does not afford instant REALTOR status. A REALTOR
is a member of local, state and national professional trade associations.
Realtors subscribe to a strict code of ethics and are expected to maintain a higher level
of knowledge of the process of buying and selling real estate. By being a member, a
REALTOR pledges to provide fair treatment for all parties involved, protect the right
of individuals to own property and keep abreast of changes in real estate practice through
continuing education and interaction with other professionals.