Ralph Mantica President at Ohio REALTORS | Facebook Website
Ralph Mantica President at Ohio REALTORS | Facebook Website
Governor DeWine has signed House Bill (HB) 466 into law, marking a significant development for the real estate industry in Ohio. This legislation, led by Ohio REALTORS®, aims to enhance transparency and trust in real estate transactions across the state by mandating written agreements between real estate agents and their clients.
Key aspects of HB 466 include requirements for licensed brokers and salespeople to enter into written agreements with their clients. These agreements must contain expiration dates, fair housing information, relationship exclusivity clauses, and terms of compensation. The bill also clarifies that broker fees are negotiable, not set by law, and can be paid by various parties.
With this new law, the real estate industry is set to adopt standardized practices. This statute gains additional significance given the recent settlement by the National Association of REALTORS® (NAR), which mandates that REALTORS® enter into written agreements starting August 17th, 2024. Codifying these requirements into law ensures uniformity and clarity for all real estate transactions in Ohio.
The Ohio REALTORS® team has been instrumental in advocating for these standardized practices to promote transparency and fairness within the industry.
"Read more about HB 466: Major Legislative Win: Ohio REALTORS Celebrate HB 466 Passage"
"HB 466 | Ohio Legislature | 135 General Assembly"
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