Michigan Sales Agency Agreement with Agent and Client being Business Competitors in Same Market
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How to fill out Sales Agency Agreement With Agent And Client Being Business Competitors In Same Market?
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FAQ
Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested in the same property.
A salesperson cannot be appointed by both buyer and seller for the same property transaction. He can only act for one party. The same prohibition also covered the rental transactions. The ban on dual representation applies to all property transactions, including residential, commercial and industrial properties.
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.
Legally speaking, a dual agent is a real estate broker, or agents working for the same broker, who act on behalf of both the seller and the buyer in a transaction. A broker is permitted to act as a dual agent in California only if the buyer and seller are both aware of and consent to the dual agency.
A Real Estate Agent cannot represent both parties without both the buyer and seller knowing their involvement and commitment to both parties. The Agent acts more as a referee vs. an advocate.
Dual agency occurs when a buyer and seller let a single real estate agent (or two agents from the same brokerage) represent them in a transaction. Dual agency is illegal in eight states: Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Texas and Vermont.
An agency relationship is formed when the agent and a buyer or seller sign an agency disclosure or agreement form. In many cases, the client does not legally have to agree to sign anything. The agreement or disclosure states that the agent is acting on behalf and in the best interest of the client.
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.
An Exclusive Right To Sell Agreement Up to a certain point, it is legal to list your home with multiple Realtors in most states.
I may have misunderstood, I was thinking multi buyers together. But yes, an agent can represent separate, competing buyers, but has to tread carefully.
