Q.
What is an Exclusive Right to Represent?
A. An Exclusive Right to Represent Agreement is an agreement to provide the highest quality service a buyer can have and it's all in writing and agreed to by both Lake Realty Ohio and the buyer. The buyer may choose to work with a team of agents or one specific agent for the time period specified in the agreement. Compensation can be paid by the seller or by the buyer before or after the close of the transaction.
Q. What is an Agency Disclosure?
A. An Agency Disclosure is required by the State of Ohio Department of Commerce, the document makes it known to the principals in the real estate transaction who is representing the seller and who is representing the buyer. An Ohio real estate agent can represent both buyer and seller in the same transaction, in this case the Agency Disclosure would be considered a Dual Agency, and the same agent would facilitate the transaction to fruition.
Q. Who pays the commission or
the agent compensation?
A.
In most cases the brokerage fee is written in the purchase agreement and paid
through escrow at the time of closing. How it is paid is written in the Exclusive
Right to Sell Agreement that the seller signed or in the Exclusive Right to
Represent agreement that the buyer signs when engaging the broker.
If a property is not listed or listed with an agency that does not participate in the MLS or Boards of Realty and the buyer chooses that property the buyer may: Specify in writing on the Purchase Agreement that the buyers agent commission is included in the purchase price and shall be paid through escrow from the sellers proceeds at the close of the transaction, or the buyer may choose to pay the commission or brokerage fee themselves at the time of closing. Your professional Lake Realty Ohio agent will be happy to discuss all of your options with you.
Q. Is Lake Realty Ohio a member of the Multiple Listing Service?
A. Yes - Lake Realty Ohio is a member of the local MLS, OAR (Ohio Association of Realtors®), NAR (National Associations/Boards of Realtors®) and members of the Independent Brokers Network (IBN) which is an internet based trade organization.
Q. Does Lake Realty Ohio and it's agents cooperate with other real estate companies?
A. As members of the Multiple
Listing Service, Boards of Realtors® and the IBN we have agreed to work cooperatively
with other agents and other companies to give our buyers access to all properties
that fit their needs and wants.
Q. Should I buy first... or
sell first?
A. If you need the equity that is built up in your present home to complete the purchase of your new home you may consider selling your home first. If you choose not to sell before you buy a new home you may consider a financing option called a bridge loan, or if a seller is amenable you can use a house sale contingency. Your professional Lake Realty Ohio agent will provide you with all the information you need to make an intelligent decision on whether it is best for you to sell first or buy first.