Governor DeWine Signs House Bill 466 Into Law: A New Era for Ohio Real Estate
By Anastasia Kotkovskaya, Ohio REALTORS Manager, Advocacy and Research
A significant win for the real estate industry, Governor DeWine has signed House Bill (HB) 466 into law. This legislation was spearheaded by Ohio REALTORS® and sets a new standard for transparency and trust in real estate transactions across the state by requiring written agreements between real estate agents and their clients.
Core features of HB 466:
- Requires licensed brokers and salespeople to enter into written agreements with their clients.
- Includes expiration dates, fair housing information, relationship exclusivity, and terms of compensation.
- Clarifies that broker fees are negotiable, are not set by law, and can be paid by various parties.
With this bill becoming law, the real estate industry will enter a new era of standardized practices. This statute is particularly significant in light of the recent settlement by the National Association of REALTORS® (NAR), which requires that REALTORS® enter into written agreements starting August 17th, 2024. Codifying these requirements into law ensures uniformity and clarity for all real estate transactions in Ohio.
Ohio REALTORS® team has been at the forefront of this effort, advocating for standardized practices that promote transparency and fairness.
Read more about HB 466:
Major Legislative Win: Ohio REALTORS Celebrate HB 466 Passage
