Michigan Agent Agreement
Description
How to fill out Agent Agreement?
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FAQ
Key provisions in an agency agreement include roles and responsibilities, compensation and payment terms, intellectual property and confidentiality clauses, termination and post-termination obligations, compliance with applicable laws, and communication requirements.
It would be considered a strict violation of fiduciary for the agent to say, "I think the home is overpriced, and the seller is dreaming" without the express written permission of the seller. If a buyer asks a listing agent how low will a seller go, a few correct answers might be: "Write an offer and I'll present it."
Agency roles (and the laws surrounding them), vary from state to state. Dual agency in California is legal when it is properly disclosed, both parties consent to the arrangement, and the agent(s) don't disclose confidential information to the other party. In some other states it is not legal under any circumstances.
So whether a seller selling a property on a land contract actually triggers due-on-sale provisions is debatable, since the land contract purchaser does not obtain title until they pay off the contract. Therefore, memorandums of a land contract are recorded in the county to put the world on notice of a transaction.
If working with someone representing both the seller. and the buyer makes you uncomfortable. ?? Be aware that in some states, dual agency is illegal, but here in Michigan, dual agency is LEGAL.
Disclosed dual agent Dual agency is a relationship in which the brokerage firm represents both the buyer and the seller in the same real estate transaction. Dual agency relationships do not carry with them all of the traditional fiduciary duties to the clients. Instead, dual agents owe limited fiduciary duties.
Other Buyers: Buyer agrees that Broker may show or present the same property to other prospective buyers.
Agency created via an agreement may be a form of implied authority, such as when a person gives their credit card to a close relative, the cardholder may be required to pay for purchases made by the relative with their credit card.
