This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Michigan Contract to be Exclusive Agent or Realtor for Buyer and to Charge Fixed Rate of Commission in a Real Estate Transaction
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US-01918BG
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How to fill out Contract To Be Exclusive Agent Or Realtor For Buyer And To Charge Fixed Rate Of Commission In A Real Estate Transaction?
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FAQ
Exclusive contracts generally last for a specified period, often ranging from a few months to a year, depending on the agreement terms set by the involved parties. The length allows enough time for effective marketing and selling of the property. After the contract period ends, clients can choose to renew or switch agents as they see fit, keeping their options open for future transactions.
You enter into an exclusive contract with a real estate agent when you decide to work with one agent solely for buying or selling a property. This contract often stipulates specific terms, including the duration and the commission rates involved. By having this agreement in place, both parties can clearly understand their responsibilities, ensuring a smooth transaction experience.
A seller may prefer an exclusive listing to ensure a dedicated marketing approach from their chosen real estate agent. This arrangement allows the agent to focus fully on promoting the property, which can lead to quicker sales and potentially higher offers. Such contracts guarantee that only one agent represents the seller, creating a stronger relationship and clearer communication throughout the process.
Clever is available to sellers nationwide. With a listing fee of $3,000 or 1%, Clever Real Estate offers some of the lowest real estate commission rates of any full service brokerage. Clever is a free service that matches you with top-rated local agents and pre-negotiates savings on your behalf.
Real estate commissions can be negotiated, but they typically run about 5 percent to 6 percent of a home's sale price. The exact terms of an agent's commission vary from sale to sale, and can depend on region and which firm they work for.
A real estate licensee can be the agent of both the seller and the buyer 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 all known information to either the seller or the buyer.
In Michigan, the home seller typically pays the realtor fees for all agents involved in the sale. This is the standard nationwide. » MORE: Who pays realtor fees?
Yes. It is legal. Realtors can credit or reduce their commission to the buyer or even seller in a closing to cover closing costs.
Under Michigan law, dual agency is legal and authorized, as long as there is not a conflict of interest, and both parties are aware of the dual agency.
The real estate agent commission is usually between 5% and 6% of the property's final sale price. The buyer's and seller's agents then split that total, with each party taking 3%.