House Committee Passes Bill to Set Statewide Standards for Real Estate Representation Agreements⿯⿯

⿯ COLUMBUS-The House Civil Justice Committee today passed House Bill 466, legislation to establish minimum standards for written real estate representation agreements, announced bill sponsor, State Rep. Jean Schmidt (R-Loveland).

The bill will specifically establish standards that will ensure written representation agreements between a real estate brokerage and its clients include the following:

• An expiration date;
• Information on fair housing and blockbusting laws;
• Whether the relationship is exclusive or nonexclusive; and
• Terms of compensation.

"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," said Schmidt.⿯⿯

House Bill 466 now heads to the House floor for a vote.