North Cincy News

The Ohio House of Representatives passed House Bill 466 yesterday, setting forth legislation to establish minimum standards for written real estate representation agreements between a real estate brokerage and its clients. The bill was announced by its sponsor, State Rep. Jean Schmidt (R-Loveland).

The new legislation mandates that parties must enter into a written representation agreement before a seller can show a property or a buyer can make an offer to purchase a property.

“This bill promotes transparency and protects all parties involved in the homebuying process,” said Schmidt. “I look forward to seeing this commonsense legislation continue to advance in the Ohio Senate.”

House Bill 466 stipulates that written representation agreements must include an expiration date, information on fair housing and blockbusting laws, whether the relationship is exclusive or nonexclusive, and terms of compensation.

Ali Whitley, Ohio REALTORS President, expressed her satisfaction with the passage of House Bill 466. "Establishing a statewide standard for the use of written agreements will improve transparency within the home buying process by informing the consumer of the services to be provided as well as the commission structure. We commend Rep. Schmidt and Rep. Brennan on their work on this important issue and look forward to continuing to make the American dream of homeownership possible for consumers in Ohio."

House Bill 466 now moves on to the Ohio Senate for consideration.