According to the National Association an Exclusive Buyer's Agent is an agent whose company represents only the buyer's best interests on any home the buyer wants to purchase, including homes listed by the buyer agent's company.
The Ohio Exclusive Buyer-Broker Agreement and Agency Disclosure is a legal document that outlines the relationship between a real estate buyer and their chosen exclusive buyer's agent. It sets forth the terms and conditions of the agreement, providing protection and guidance for both parties involved in the real estate transaction. This agreement is essential for ensuring transparency, accountability, and loyalty throughout the buying process. In Ohio, there are various types of Exclusive Buyer-Broker Agreement and Agency Disclosures that can be tailored to meet the specific needs and preferences of the parties involved. These may include: 1. Exclusive Right to Represent Buyer Agreement: This agreement grants the exclusive buyer's agent the sole right to represent and assist the buyer in their home search, negotiation, and transaction processes. The buyer commits to working exclusively with the chosen agent, while the agent agrees to exercise their fiduciary responsibilities solely in the buyer's best interest. 2. Exclusive Agency Agreement: Under this agreement, the buyer engages an exclusive buyer's agent, while still reserving the right to personally search for properties without representation. However, if the buyer finds a property through the efforts of the exclusive agent, the agent is entitled to receive their agreed-upon compensation. 3. Dual Agency Agreement: This agreement occurs when the same brokerage represents both the buyer and the seller in a real estate transaction. In Ohio, dual agency is permitted if all parties provide informed consent. However, it is essential to note that dual agency may present potential conflicts of interest that should be carefully considered. The Ohio Exclusive Buyer-Broker Agreement and Agency Disclosure documents and outlines the duties and obligations of the buyer's agent, such as assisting in property searches, providing market analysis, negotiating offers, facilitating inspections and appraisals, and guiding the buyer through the closing process. Moreover, it also discloses the agent's compensation structure, terms of agreement termination, confidentiality obligations, and the acknowledgment of agency relationships. By signing the Ohio Exclusive Buyer-Broker Agreement and Agency Disclosure, buyers can establish a professional relationship with a dedicated agent who will prioritize their interests, offer expert guidance, and help navigate the complex real estate market. It ensures a fair working relationship between the buyer and their agent, fostering trust, cooperation, and a shared commitment to achieving the buyer's goals.
