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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Related Topics & Key Terms
Key Terms:
Related Concepts
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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Under Ohio law, buyer's agent Mike is representing client Linda. Mike's brother-in-law lists a property that Linda is interested in purchasing. Under Ohio agency law, what is Mike's obligation?
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