"As of January 1, 1994,
Michigan Law requires real estate licensees who are acting as
agents of sellers or buyers of real property to advise the potential
sellers or buyers with whom they work of the nature of their relationship".
What does this mean? An agent can either represent you, the buyer
as a buyer's agent, the seller as the seller's agent, or the buyer
and seller as a dual agent.
A buyer's agent represents specifically you
and your interests in the purchase of a new home, not the sellers.
This is different from a typical sup-agency transaction where
the buyer is not technically represented.
Loyalty -- Your real estate
agent must act in your best interest as the buyer.
Obedience -- Your real estate
agent must follow the lawful and reasonable instructions of the
buyer.
Disclosure of all material facts
- Examples include, but not limited to
- Relationships between agent and other parties
- Knowledge of existence of other offers
- Status of earnest money
- If known, the seller's financial condition
- The property's true worth
- Commission split with other Brokers
Confidentiality -- Any discussions,
facts or information that should not be revealed to others especially
the selling party, but does not include responsibility of fairness
and honesty in dealing with all parties.
Accounting in dealing -- Reporting of where any money placed in
hands of the Broker is kept.
Reasonable skill and care -- Arriving at a reasonable purchase
price and advising buyer of such, affirmatively discovering material
facts and disclosing them to the buyer, as well as investigating
the material facts related to the sale.
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