Michigan Buyer Agency Agreement

While there are many legal and financial considerations that need to be taken into consideration when buying and selling real estate, this should also be fun! Remember that you are looking for your next home or your nearest property. If you have any questions about the agency or other real estate issues, please contact us at your convenience to find out more about info@homewaters.net. Once you learn the basics of agency law, you will more than likely come to the same conclusion that most of our purchasing customers reach: your preference will be to be represented by a “buyer agent”. We agree with this conclusion, because it is the most logical alternative in such circumstances. The goal of a buyer agent is to find the perfect point of connection between the homes on the market and the needs and financial capacity of you, the buyer. Any Michigan State real estate agent is legally required to have all clients sign the Disclosure Regardure Real Estate Agency Relationships, a document indicating the nature of the agency relationship between the realtor and his client. Below are the different types of agency relationships that exist within real estate: By law, each REALTOR® must represent the best interest of any home seller who has signed a list contract with a REALTOR®. RealTOR®`s task is to explain the agency in depth so that the buyer can decide for himself whether or not he wishes to recruit a buyer`s representative. A real estate licensee may be the seller`s and buyer`s representative in a transaction, but only with the knowledge and informed consent, in writing, of both the seller and the buyer.

In such a dual agency situation, the licensee will not be able to disclose to the seller or buyer all known information. As an alternating agent, the licensee cannot provide the seller or purchaser with the full range of fiduciary duties. The obligations of a dual representative are governed by specific provisions defined in an agreement between the dual representative, the seller and the buyer. A transaction coordinator is a licensee who does not act as a representative of the seller or buyer, but provides services to conclude a real estate transaction. The transaction coordinator is not an agent for any of the parties and is therefore not liable to any party to a fiduciary duty. The transaction coordinator is not counsel to one of the parties and is therefore not required to negotiate with the parties. The tasks of the transaction coordinator generally include: These things have been said, here are the most important things to understand about the real estate agency in Michigan: It is imperative that each buyer fully understands the legal concept of “the agency”. It is equally important that each buyer be represented by a “buyer`s agent” (for more information, see “Understanding Buyer Representation” below).