Dual Agency: Definition
What is dual agency? A situation in Ohio where both the buyer and seller are represented by licensed agents within the same brokerage. Under Ohio Revised Code 4735.70, dual agency requires informed written consent from both parties. The agents owe limited fiduciary duties in a dual agency arrangement.
Dual Agency
A situation in Ohio where both the buyer and seller are represented by licensed agents within the same brokerage. Under Ohio Revised Code 4735.70, dual agency requires informed written consent from both parties. The agents owe limited fiduciary duties in a dual agency arrangement.
Key Points
- •Requires written consent from both buyer and seller (ORC 4735.70)
- •Agents owe limited duties: honest dealing, disclosure of material facts, confidentiality of motivation/terms
- •Agent cannot advocate for one party over another
- •Buyer and seller may each choose to work with separate brokerages to avoid dual agency
Related Terms
This content is for informational and educational purposes only. It does not constitute legal or real estate advice specific to your transaction or situation. Ohio real estate transactions involve legal and contractual obligations. Consult a licensed Ohio real estate professional and a qualified Ohio attorney before making any real estate decision. Sommer Ronk is licensed in Ohio with Coldwell Banker Realty, Ohio License #2019002887.