State Rep. Jean Schmidt | The Ohio House of Representatives
State Rep. Jean Schmidt | The Ohio House of Representatives
The House Civil Justice Committee today passed House Bill 466, legislation to establish minimum standards for written real estate representation agreements, as announced by bill sponsor, State Rep. Jean Schmidt (R-Loveland).
According to Schmidt, "It is vital that Ohio establishes standards for these agreements so that both the real estate professional and the buyer have a transparent understanding of the services being provided, compensation, and the responsibilities of both parties."
The bill aims to set specific standards for written representation agreements between a real estate brokerage and its clients, including an expiration date, information on fair housing and blockbusting laws, whether the relationship is exclusive or nonexclusive, and terms of compensation.
House Bill 466 will now proceed to the House floor for a vote, as it seeks to ensure clarity and fairness in real estate transactions within Ohio.
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