Under Ohio law, buyer's agent Sam represents client Jill. After making an offer on a property, Jill tells Sam she wants to back out because she found a different home. The purchase agreement includes a financing contingency that has not been waived. Under Ohio agency law, how should Sam advise Jill?
Correct Answer
B) Explain Jill's contractual obligations, the available contingencies, and the potential consequences of withdrawal, and recommend she consult with an attorney
Under Ohio agency law, Sam should provide honest and competent advice about Jill's contractual obligations and options. He should explain the contingencies, potential consequences, and recommend legal counsel for complex contract termination decisions.
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