Real estate agents are inextricably linked to just about all real estate purchases. Indeed, even for those who want to bypass them, purchasing property, understanding its value and even looking up comparable sales is largely inaccessible to everyday buyers. However, what many Ohioans may not know is that if a real estate agent violates state real estate laws, not only can you sue that Toledo, Ohio, agent but also the state may pay you, the wronged Ohioan.
Ohio Real Estate Recovery Fund
Our state’s Real Estate Recovery Fund pays residents for their monetary losses stemming from the actions of officially licensed real estate brokers and agents. Specifically, the fund pays up to $40,000 per licensee to cover the customer’s actual losses, but it will not pay punitive fees or attorney’s fees. And, those actual losses must be provably traced to the actions and behaviors of the agent or broker.
The purpose
When real estate agents make mistakes, seldom do those mistakes cause a small amount of losses. And, not every real estate agent or broker has the funds or assets to pay back their clients. As a result, Ohio created the fund to ensure and protect the real estate market. The fund ensures that customers are covered for at least $40,000.
Who manages the fund?
The Ohio Division of Real Estate manages the Real Estate Recovery Fund. However, if impropriety is alleged, the fund is protected by the Ohio Attorney General’s Office. Accordingly, both offices protect the fund, review claims and distribute funds for valid greater metro-area complaints.
Real estate litigation
As with any industry, mistakes happen in real estate transactions, and when they do, real estate litigation is often needed. Our state has specific protections for northwest Ohio buyers and sellers, should those mistakes flow from licensed Ohio real estate agents and brokers.
