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New rules for buying, selling homes take effect Saturday after lawsuits
New rule changes surrounding real estate transactions are set to take effect nationwide on Saturday.
• Why it matters: In the past, the real estate industry has effectively set commission rates, but buyers and sellers are about to get more control over what they pay realtors.
• First change: Real estate professionals and their clients will be required to sign a written representation agreement outlining the terms of realtors’ compensation.
• What’s included: The agreement includes an expiration date, information on fair housing and blockbusting laws, whether the relationship is exclusive or nonexclusive and terms of compensation.
• Typical commission: A typical agent’s commission has been 6% of the sale price, split between the agents or companies representing the buyer and seller. That will now be negotiated as part of the agreement.
• Second change: Real estate professionals will be prohibited from offering cooperative compensation on listings on multiple listing service (MLS) databases.
• What it means: For more transparency, there will be a written representation agreement that will delineate what the services of a buyer’s broker or agent is to them, and the fee for those services.
Local dispensaries report busy cannabis sales, say supply keeping up with demand
Area marijuana dispensaries reported heavy foot traffic the first week of recreational cannabis sales in the state, and industry leaders say the supply of cannabis products is still flowing.
• Dispensaries: A total of 120 Ohio dispensaries have state approval to sell to non-medical customers.
• Boost in sales: AYR Wellness in Dayton has seen a 200% boost in sales compared to its medical-only sales average.
• What are customers buying? “Flower,” the plant product itself, remains the most popular product category among customers. Vape products and edibles are also choices.
• The money: A typical Ohio cannabis retailer was generating approximately $12,740 in medical sales a day. After recreational sales launched, that number jumped to $33,864.
• What they are saying: “Everyone is still super excited,” said Nikki Stanley, the director of marketing for Terrasana dispensaries. “On the first day, there were already customers waiting in line. They didn’t even know what they were going to buy, they were just excited to be one of the first to check it out.”
What to know today
• One big takeaway: Greater Dayton RTA will change its base fare structure beginning Jan. 1 for the first time since 2018. It will be the first of three annual fare increases.
• Tip of the day: Saturation patrols and OVI checkpoints will take place in Montgomery County over the next few weeks as part of Drive Sober or Get Pulled Over.
• Person to know today: Lt. Col. Charity Adams-Earley. The Dayton woman became the first Black officer in the U.S. Army’s Women’s Army Corps (WAC). The U.S. Postal Service has been directed to issue a commemorative stamp in her honor.
• Quote of the day: “Because this bar is in my own neighborhood, it means a lot to me because it truly is my neighborhood bar. I want to make this the best neighborhood bar in Dayton and be known as the hidden gem of the Gem City.” — Tony Ballard, owner of Red Carpet Tavern.
• Big move of the day: AtriCure expects to create 400 full-time jobs in Mason, generating more than $54.9 million in new annual payroll.
• Happening today: Today is National Roller Coaster Day. Here are 8 great ones in Ohio to check out.
• Thing to do: Hollywood Gaming is throwing a 10th anniversary party starting today.
• Photo of the day: Reporter Natalie Jones gives us the first look at the new Socialite Cafe, a European-style cafe with coffee, tea, soup, salad, sandwiches and more in Kettering. Scope out the place here.
Credit: Natalie Jones
Credit: Natalie Jones