From Ohio REALTORS: 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.