You are ready to list your Michigan home but you do not understand what the selling agent (listing agent) will keep confidential or what it really means when you sign an agency disclosure. An agency disclosure tells you whether your agent is acting as a buyers agent, a sellers agent or a dual agent.
No matter if it is a Wayne County home, a Livingston County Home, an Oakland County home, or a Washtenaw county home agency rules apply across Michigan. Agents are bound by certain obligations, which you are entitled to as a client:
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Loyalty (your agent should act in the your best interest)
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Obedience of all lawful instructions (if you tell them to put in an offer at $200,000 even though the list price is $300,00 they must do so) If what you tell them is illegal and breaking real estate or criminal law they will not and do not have to do it.
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Confidentiality ( if you tell them that you will take $305,000 for the property and it is listed for $350,000 they can not tell any agent or buyer that unless you tell them they can)
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Accountability (for all monies) When you give a earnest money deposit it is deposited within 24 hours of acceptance of the purchase agreement into the brokers non interest bearing escrow account. It is then cashed by the bank and held until closing or mutual release of both the buyer and seller. (If a purchase agreement is ended according to the terms of the purchase agreement both the buyer and seller must agree to release the earnest money. Usually an written release is signed by both parties. You can not just back out of a contract because you feel like it and expect to get your money back.
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Reasonable skill and care
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Declaration of all material facts
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Honesty and fairness to all
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State laws clearly define the duties for each type of brokerage relationship. States have mandated agency disclosure forms and rules to provide meaningful and timely written disclosure and describe licensee's duties upon termination of a client relationship.
As you start communicating with an agent, ask for a clear explanation of your state's current agency regulations. Also request a copy of your agent's company's policy regarding agency so you will know where you stand on these important matters.
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Seller's Agency
This agent works solely for and represents the seller. A seller's agent has no fiduciary responsibility to the buyer.
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Buyer's Agency
This agent works solely for and represents the buyer. A buyer's agent has no fiduciary responsibility to the seller even if the buyer's agent gets a portion of the commission paid by the seller.
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Dual Agency
One agent may represent both buyer and seller in a real estate transaction, but only if both parties consent. Buyer and seller must sign a dual agency disclosure statement that describes the duties and obligations of the dual agent. A dual agent may not disclose any confidential information that would place one party at an advantage over the other party, and may not advocate or negotiate on behalf of either of the two parties Most states permit dual agency relationships as long as the agency status is disclosed to both the sellers and the buyers in advance, and both parties agree to it.
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After reading this you should realize whether your are selling
Livonia real estate, or
Novi real estate, or any
Michigan real estate that your agent is acting in your best interest, keeping what you told him confidential, being honest and fair, and following all your legal requests.
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