State Rep. Jean Schmidt | The Ohio House of Representatives
State Rep. Jean Schmidt | The Ohio House of Representatives
State Rep. Jean Schmidt (R-Loveland) has introduced House Bill 466, legislation aimed at establishing minimum standards for real estate representation agreements in Ohio. The bill seeks to ensure that written representation agreements between real estate brokerages and clients include specific provisions regarding representation terms and commission structures.
According to Schmidt, the standards outlined in House Bill 466 are crucial for enhancing transparency and clarity in real estate transactions. She stated, "This important bill will improve transparency and promote uniformity throughout the homebuying process, ultimately protecting all parties involved."
The introduction of this legislation is driven by the need to provide consumers with a clear understanding of the services offered by real estate brokerages while also safeguarding the interests of real estate professionals. By setting forth uniform standards for representation agreements, potential misunderstandings regarding services provided and commission structures can be minimized.
House Bill 466 is currently awaiting a House committee assignment as it progresses through the legislative process. If passed, the bill is expected to contribute to a more standardized and secure real estate environment in Ohio.
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