Does your real estate agent us an Agency disclosure statement when you lease a rental property?

[James Wise]

Agency Disclosure Statement

The Agency Disclosure Statement is a state form which was developed to disclose to buyers, sellers, landlords and tenants who the licensee(s) represent in the real estate transaction. The requirements for use of the Agency Disclosure Statement are provided in Ohio Revised Code Section 4735.58. As with the Consumer Guide to Agency Relationships, a licensee is not required to use the Agency Disclosure Statement for residential leases of 18 months or less. However, the Agency Disclosure Statement is required for commercial, industrial or retail leases of any duration and all residential leases over 18 months. On those leases licensees working directly with a tenant, whether as a tenant’s agent or the landlord’s agent, must provide the tenant with the Agency Disclosure Statement no later than the time the tenant is ready to make an offer to lease the property. After completing the appropriate sections of the form the licensee is required to ask the tenant to sign the form. Once the form is signed the licensee can begin discussions with the tenant regarding his offer to lease the property. The tenant signed Agency Disclosure Statement must be given to the landlord prior to him being presented with the tenant’s offer to lease. The landlord should also be asked to sign the form.

- See more at: http://ohiorealtors.org/legal/topics/wpproperty-management-laws/pm-whitepaper/#sthash.EvPBImpb.dpuf