In 1983, a Federal Trade Commission study revealed that over 72% of all home buyers nationwide mistakenly believed they were being represented by the agent who was showing them homes. As a result, laws requiring agents to disclose exactly who they represent have been passed all over the country. When consumers became aware that most agents worked for the seller, they began demanding their own representation. This is how the Buyer's Agent came about. Myth: Any agent representing the seller can represent me just the same with the same loyalties. False. The listing agent signs a written listing agreement with the Seller which outlines their fiduciary obligations to the Seller. They are obligated to tell the Seller anything about the buyer that they know of and to always keep their client in the best negotiating position possible. The listing agent is responsible for getting the most money for their client possible and with the terms most favorable to their client. Myth: I will save money by working with the listing agent because there is only one agent involved. False. When the Seller signs a listing agreement with the listing agent, the commission is already negotiated. When a buyer brings a written offer, the agent's fiduciary obligation is to protect their client's best interest and net them the most money for their property. Some buyers think they can barter with the agent's commission to get the property for less, when what really happens is the agent gets both sides and the Seller gets the highest dollar figure. The Buyer never really knows if they got a good deal or not because they didn't really have any representation at all. Put simply, would you hire the same divorce attorney that your spouse already hired? Just as the bar mandates the legal obligations that an attorney has to their client, another Board mandates the legal obligations that a real estate agent has to their client. When you first meet an agent, either at an open house, over the phone or meeting at a property, it's always a good idea to ask "who do you represent?" It may be that you've called on a sign and the listing agent has met you at the property. In that case, it's alright to view the home however, keep all information such as when you're planning on moving, which lender you've been working with and what you're prequalified for in terms of a loan. If this is the home you want to purchase, consider writing your offer with an agent who's not interested in what the seller wants and not looking out for the seller's interests. As your Buyer's Agent, my focus is on getting you the best possible home at the best possible price. I will work hard not only in finding you potential new homes to see, but also in keeping you informed of everything that takes place. As your agent and a top expert in the local market, I'll negotiate the best prices and terms for you and answer all of your questions as they arise. I'll be representing you, not the seller. This assures that my experience and expertise in the local market will be used in your best interests during the negotiation process. DISCLOSURE OF AGENCY RELATIONSHIP FORM - Ohio Revised Code 4735.58 (B)(1) Effective December 1996 In order to assure that buyer's are aware of the relationship between themselves and an agent, all agents must, by law present the state-mandated DISCLOSURE OF AGENCY RELATIONSHIP FORM to the customer prior to any of the following events: (a) Initiating a pre-qualification evaluation to determine whether the Buyer has the financial ability to purchase or lease a particular property; OR (b) requesting specific financial information from the Buyer to determine the Buyer's ability to purchase or finance real estate in a particular price range; OR (c) showing the property to a Buyer othre than at an open house; OR (d) discussing with the Buyer the making of an offer to purchase real property; OR (e) submitting an offer to purchase or lease real property for the purchaser.