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Buyers Guide


Real Estate transaction is a very complicated process. Do you know how many parties are really involved in your real estate transaction? How many people and organizations make it happen? How many things to do and how much of paperwork required?
No matter how many people and paperwork involved, it is all about you. It is your decision, your money, your life and happiness.
The complication of the process of real estate transaction should not confuse you. Our goal is to make it as easy and understandable for you as possible.

Your real estate transaction step-by-step guide.

How the Clients-Agents Relationships work? Who pays For Real Estate Services - Sellers or Buyers? You can find the answers to these and other questions regarding relationship between you and your Real Estate agent in Consumers Guide to Agency Relationship. State of Ohio requires all Real Estate licensees to provide the customers with the Consumers Guide to Agency Relationship at first meeting. That's a very wise rule. Early education on agency matters prevents a lot of confusion and misunderstanding and helps us, Real Estate professionals, serve you, the Client, better. Please review the Local-n-Global Realty's Consumers Guide to Agency Relationship. Please feel free to contact us if you have any questions or need an assistance in your Real Estate needs.

CONSUMER GUIDE TO AGENCY RELATIONSHIP Local-n-Global Realty

We are pleased you have selected Local-n-Global Realty to help you with your Real Estate needs. Whether you are selling, buying or leasing real estate, Local-n-Global Realty can provide you with expertise and assistance. Because this may be the Largest financial transaction you will enter into, it is important to understand the role of the agents and brokers with whom you are working. Below is some information that explains the various services agents can offer and their options for working with you:

Representing the Sellers

Most Sellers of real estate chose to list their home for sale with a real estate brokerage. When they do so, they sign a listing agreement that authorizes the brokerage and the listing agent to represent their interests. As the Seller’s agent, the brokerage and listing agent must follow the seller’s lawful instructions, be loyal to the seller, promote the seller’s best interest, disclose material facts to the seller, maintain confidential information, act with reasonable skill and care, and account for any money they handle in transaction. In rare circumstances a listing broker may offer “subagency” to other brokerages which would also represent the seller’s interest and owe the seller the same duties.

Representing Buyers

When purchasing real estate, buyers usually choose to work with a real estate agent as well. Often the buyers want to be represented in the transaction. This is referred to a buyer’s agency.

A brokerage and agent that agree to represent a buyer’s interest in a transaction must: follow the buyer’s lawful instructions, be loyal to the buyer, promote the buyer’s best interests, disclose material facts to the buyer, maintain confidential information, and account for any money they handle in the transaction.

Dual Agency Occasionally the same agent and brokerage who represents the seller also represent the buyer. This is referred to as dual agency. When a brokerage and its agent become “dual agents”, they must maintain a neutral position in the transaction. They may not advocate the position of one client over the best interest of the other client, or disclose any confidential information to the other party without written consent.

Representing Both the Buyer and the Seller On occasion, the buyer and seller will each be represented by two different agents from the same brokerage. In this case the agents may each represent the best interest of their respective clients. Or, depending on company policy, the agents may both act as dual agents and remain neutral in the transaction. When either of the above occurs, the brokerage will be considered a dual agent. As a dual agent the brokerage and its managers will maintain a neutral position and cannot advocate for the position of one client over another. The brokerage will also protect confidentiality of all parties.

For more information on agency law in Ohio you can also contact the Division of Real Estate and Professional Licensing at (614) 466-4100, or on their website www.com.state.oh.us.

Working with Local-n-Global Realty

Local-n-Global Realty does offer representation to both buyers and sellers. Therefore the potential exists for one agent to represent a buyer who wishes to purchase property listed with another agent in our company. If this occurs each agent will represent their own client, but Local-n-Global Realty and its managers will act as a dual agent. This means the brokerage and its managers will maintain a neutral position and not take any actions that will favor one side over the other. However, Local-n-Global Realty will still supervise both agents to assure that their clients are being fully represented.

While it is the policy of Local-n-Global Realty to allow a buyer and seller in the same transaction to be represented by two agents in our brokerage, it does not permit one agent to represent both parties. Therefore, a listing agent working directly with a buyer will represent only the seller’s interests. The agent will still be able to provide the buyer with non-confidential information, prepare and present offers at their direction and assist the buyer in the financing and closing process. However the buyer will represent their own interests.

Because the listing agent has a duty of full disclosure to the seller, a buyer in this situation should not share any information with the listing agent that they would not want the seller to know.

If a buyer wishes to be represented, another agent in Local-n-Global can be appointed to act as their agent or they can seek representation from another brokerage.

Working With Other Brokerages

Local-n-Global Realty does offer representation to both buyers and sellers. When Local-n-Global Realty lists property for sale it also cooperates with, and offers compensation to, other brokerages that represent buyers. Local-n-Global Realty does reserve the right, in some instances, to vary the compensation it offers to other brokerages. As a seller, you should understand that just because Local-n-Global Realty shares a fee with a brokerage representing the buyer, it does not mean that you will be represented by that buyer’s brokerage. Instead that company will be looking out for the buyer and Local-n-Global Realty will be representing your interests.

When acting as a buyer’s agent, Local-n-Global Realty also accepts compensation offered by the listing broker. If the property is not listed with any broker, or the listing broker does not offer compensation, we will attempt to negotiate for a seller-paid fee.

Fair Housing Statement

It is illegal, pursuant to the Ohio Fair Housing Law, division (H) of Section 4112.02 of the Revised Code and the Federal Fair Housing Law, 42 U.S.C.A. 3601, to refuse to sell, transfer, assign, rent, lease, sublease or finance housing accommodations, refuse to negotiate for the sale or rental of housing accommodations, or otherwise deny or make unavailable housing accommodations because of race, color, religion, sex, familial status as defined in Section 4112.01 of the Revised Code, ancestry, disability as defined in that section, Military status, or national origin or to so discriminate in advertising the sale or rental of housing, in the financing of housing, or in the provision of real estate brokerage services.

It is also illegal, for profit, to induce or attempt to induce a person to sell or rent a dwelling by representations regarding the entry into the neighborhood of a person or persons belonging to one of the protected classes.

We hope you find this information to be helpful to you as you begin your real estate transaction. When you are ready to enter into a transaction, you will be given an Agency Disclosure Statement that specifically identifies the role of the agents and brokerages.

Please ask questions if there is anything you do not understand. Because it is important that you have this information Ohio law requires that we ask you to sign below, acknowledging receipt of this consumer guide. Doing so will not obligate you to work with our company if you do not choose to do so.
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Local-n-Global Realty
5225 Warrensville Center Road
Maple Heights, OH 44137
24/7 Real Estate Hotline 877-770-5551
216-662-8587 Local-n-Global Realty’s Art and Community Center

440-247-5388 office
216-548-4663 Broker
e-mail: Realty@Local-n-Global.com
Website: www.Local-n-Global.com
U.S. Department of Housing and Urban Development