Under Ohio law, buyer's agent Torres has a written buyer representation agreement with client Foster. Foster purchases a home and the transaction closes successfully. What happens to the buyer representation agreement?
Correct Answer
D) The agreement terminates upon successful closing because the purpose of the agreement has been fulfilled
Under Ohio law, when the buyer successfully purchases a property, the purpose of the buyer representation agreement is fulfilled. Unless the agreement specifies otherwise, it terminates upon closing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
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.
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