Under Ohio law, seller's agent Luke represents seller Ann. The property is under contract and the buyer's financing falls through two days before closing. Ann asks Luke what her options are. Under Ohio agency law, what should Luke do?
Correct Answer
D) Advise Ann on her contractual options, including the right to terminate, extend the closing date, or allow the buyer additional time to secure financing, and recommend consulting with an attorney
Under Ohio agency law, Luke's duty of reasonable care requires providing competent advice about Ann's contractual options. He should explain the available alternatives and recommend legal counsel for complex decisions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
The extent of power and actions an agent is authorized to perform on behalf of the principal, as defined by the agency agreement.
The fiduciary obligations owed by a listing agent to the seller, including marketing the property, presenting all offers, and protecting the seller's confidential information.
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