TENANT rep .com
  National Office Tenant Representative Specialist
Fifth Third Center
600 Superior Ave. E.
Suite 1300
Cleveland, OH 44114
Phone 216-858-1000

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Choosing a Commercial Real Estate Broker - Sample State Consumer Guide

OHIO CONSUMER GUIDE TO AGENCY RELATIONSHIPS

(Exclusive Tenant/ Buyer Agency Only Policy)
 

 

TENANT rep .com

 

The State of Ohio has made this required reading for office tenants.  One reason our national office tenant clients engage us on repeat assignments across the country is that the same important office tenant representation issues apply in every market.  


The following standard consumer guide is a requirement of the State of Ohio:

If you are a major corporation leasing or purchasing office space, TENANT rep .com can provide you with expertise and assistance. Because this is an important financial transaction your corporation will enter into, it is important to understand the role of the agents and brokers with whom you are working. Below is some information that explains the various services agents can offer and their options for working with you:

Representing Landlord/ Sellers
Most landlord/ sellers choose to engage real estate agents for assistance with office leases and purchase of office buildings. When they do so, they sign a listing agreement that authorizes the Broker and the listing agent to represent their interests. As the landlord/ seller’s agent, the Broker and listing agent must: follow the landlord/ seller’s lawful instructions, be loyal to the landlord/ seller, promote the landlord/ seller’s best interests, disclose material facts to the landlord/ seller, maintain confidential information, act with reasonable skill and care and, account for any money they handle in the transaction. In rare circumstances a listing broker may offer "subagency" to other Brokers which would also represent the landlord/ seller’s interests and owe the landlord/ seller these same duties.

Representing Tenant/ Buyers
When leasing or purchasing office space, tenant/ buyers usually choose to work with a real estate agent as well. Often the tenant/ buyer wants to be represented in the transaction. This is referred to as tenant/ buyer’s agency. A Broker and agent that agree to represent a tenant/ buyer’s interest in a transaction must: follow the tenant/ buyer’s lawful instructions, be loyal to the tenant/ buyer, promote the tenant/ buyer’s best interests, disclose material facts to the tenant/ buyer, maintain confidential information and, account for any money they handle in the transaction.

Dual Agency
Occasionally the same agent and Broker who represents the landlord/ seller also represents the tenant/ buyer. This is referred to as dual agency. When a Broker and its agents become "dual agents", they must maintain a neutral position in the transaction. They may not advocate the position of one client over the best interests of the other client, or disclose any confidential information to the other party without written consent.

Representing Both the Tenant/ Buyer & Landlord/ Seller
On occasion, the tenant/ buyer and landlord/ seller will each be represented by two different agents from the same Broker. In this case the agents may each represent the best interest of their respective clients. Or, depending on company policy, the agents may both act as dual agents and remain neutral in the transaction. When either of the above occurs, the Broker will be considered a dual agent. As a dual agent the Broker and its managers will maintain a neutral position and cannot advocate for the position of one client over another. The Broker will also protect the confidentiality of all parties.

For more information on agency law in Ohio you can also contact the Ohio Division of Office space & Professional Licensing at (614) 466-4100, or on their website www.com.state.oh.us.

Working with TENANT rep .com
TENANT rep .com only represents tenant/ buyers. It does not represent landlord/ sellers or list property for lease or sale. Therefore TENANT rep .com will never act as a dual agent representing both parties in a transaction. Instead it will only act as the tenant/ buyer’s agent in the lease or purchase of office space
.

When acting as a tenant/ buyer’s agent, TENANT rep .com will seek its compensation from the listing broker. If the property is not listed with any broker, or the listing broker does not offer compensation, we will negotiate for a landlord/ seller-paid fee. Though the listing broker or landlord/ seller pays us, TENANT rep .com still represents only the tenant /buyer.

We hope you find this information to be helpful to you as you begin your office leasing/ purchase transaction. When you are ready to enter into a transaction, you will be given an Agency Disclosure Statement that specifically identifies the role of the agents and Brokers. Please ask questions if there is anything you do not understand.

Because it is important that you have this information Ohio law requires that we ask you to sign below, acknowledging receipt of this consumer guide. Your signature will not obligate you to work with TENANT rep .com if you do not choose to do so.

 

Name: ____________________________

Title: _____________________________

Company: _________________________

__________________________________
Signature                                                   Date

 

 

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Fifth Third Center, 600 Superior Ave. East, Suite 1300, Cleveland, OH 44114
   Tel:  (216) 858-1000   Cell:  (216) 533-5034   E- fax:  (775) 703-9043