Agency Representation Disclosure (Rental) is a legal document signed by both the landlord/property manager and tenant that outlines the roles and responsibilities of each party in a rental agreement. It states who is responsible for collecting the rent, managing the property, and other obligations. It also outlines the agents’ responsibilities regarding the tenant’s rental and security deposits. This document is required by law in most states, and it is important to read it thoroughly before signing. There are two types of Agency Representation Disclosure (Rental): Single Agency and Dual Agency. Single Agency occurs when the landlord/property manager and tenant both agree to be represented by the same agent. In this situation, the agent has a fiduciary duty to both parties and must remain impartial in their dealings. Dual Agency occurs when the landlord/property manager and tenant are represented by different agents. In this case, the agents have a duty to both parties, but must remain impartial, and the landlord/property manager and tenant must agree to the arrangement in writing.
Agency Representation Disclosure (Rental)
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FAQ
This form is required by Ohio Revised Code Section 5302.30.
The law requires commercial real estate brokers to disclose to clients at the outset of their working relationship whether they represent the seller/landlord, the buyer/tenant, or both in any real estate transaction.
Do you have to report a death in your home while selling real estate in Ohio? Ohio has no requirement for disclosure of death for property. The state does not consider death , suicide or homicide as material issues and there does not require disclosure.
Ohio disclosure law requires sellers to disclose only those items they actually know about. This means that you aren't required to get an independent inspection to complete the form, only to list what you actually have learned and observed about the house through having lived there and taken care of it.
Although there is no specific ?look-back? time-period stated in §5302.30, the mandatory disclosure form approved by the Ohio Department of Commerce often cites a five-year limit regarding disclosures.
An agent who intends to represent a seller or owner must disclose the import of the proposed agency relationship in writing before the listing agreement is executed.
Ohio sellers can be held liable for failing to disclose a material defect. For example, if a seller knew that whenever it rains, the basement quickly floods, but failed to disclose this information, the buyer who discovers this can potentially sue.
The law requires that an agent supply a written document, called Disclosure Regarding Real Estate Agency Relationships, explaining the nature of agency. This disclosure must be made prior to taking a listing or writing an offer.