According to the National Association an Exclusive Buyer's Agent is an agent whose company represents only the buyer's best interests on any home the buyer wants to purchase, including homes listed by the buyer agent's company.
Description: The Michigan Exclusive Buyer-Broker Agreement and Agency Disclosure is a legally binding contract between a buyer and a real estate broker/agent. This agreement establishes a fiduciary relationship between the buyer and the broker/agent, outlining their responsibilities, obligations, and rights throughout the real estate transaction process. Keywords: Michigan, Exclusive Buyer-Broker Agreement, Agency Disclosure, real estate broker, agent, fiduciary relationship, responsibilities, obligations, rights, transaction process. There are two main types of Michigan Exclusive Buyer-Broker Agreements: 1. Exclusive Right to Represent Buyer Agreement: This type of agreement designates the buyer's broker/agent as the sole representative in assisting the buyer throughout the real estate transaction. The buyer agrees to work exclusively with this particular broker/agent, who in turn pledges their undivided loyalty, confidentiality, and professionalism in advocating for the buyer's best interests. This agreement typically outlines the duration of exclusivity and terms regarding commission payment. 2. Non-Exclusive Buyer-Broker Agreement: In this type of agreement, the buyer can work with multiple brokers/agents simultaneously, allowing flexibility in the selection process. The broker/agent's role is limited to facilitating communication, providing information, and assisting the buyer in finding suitable properties. However, the buyer is not tied to exclusive representation with any particular broker/agent. This agreement may have a shorter duration and does not guarantee the same level of loyalty and commitment as the Exclusive Right to Represent Buyer Agreement. The Agency Disclosure: In Michigan, the Agency Disclosure is a separate but closely related form that is typically provided to the buyer at the beginning of the relationship. It discloses the nature of the agency relationship between the broker/agent and the buyer, clarifying whether the broker is representing the buyer as a buyer's agent, a dual agent, or a seller's agent. The disclosure form ensures that the buyer understands the different agency relationships available and allows them to make an informed decision regarding representation. Overall, the Michigan Exclusive Buyer-Broker Agreement and Agency Disclosure provide clarity, protection, and guidance for both buyers and brokers/agents involved in real estate transactions. These agreements help establish a mutually beneficial relationship, ensuring the buyer's best interests are diligently pursued throughout the buying process.Description: The Michigan Exclusive Buyer-Broker Agreement and Agency Disclosure is a legally binding contract between a buyer and a real estate broker/agent. This agreement establishes a fiduciary relationship between the buyer and the broker/agent, outlining their responsibilities, obligations, and rights throughout the real estate transaction process. Keywords: Michigan, Exclusive Buyer-Broker Agreement, Agency Disclosure, real estate broker, agent, fiduciary relationship, responsibilities, obligations, rights, transaction process. There are two main types of Michigan Exclusive Buyer-Broker Agreements: 1. Exclusive Right to Represent Buyer Agreement: This type of agreement designates the buyer's broker/agent as the sole representative in assisting the buyer throughout the real estate transaction. The buyer agrees to work exclusively with this particular broker/agent, who in turn pledges their undivided loyalty, confidentiality, and professionalism in advocating for the buyer's best interests. This agreement typically outlines the duration of exclusivity and terms regarding commission payment. 2. Non-Exclusive Buyer-Broker Agreement: In this type of agreement, the buyer can work with multiple brokers/agents simultaneously, allowing flexibility in the selection process. The broker/agent's role is limited to facilitating communication, providing information, and assisting the buyer in finding suitable properties. However, the buyer is not tied to exclusive representation with any particular broker/agent. This agreement may have a shorter duration and does not guarantee the same level of loyalty and commitment as the Exclusive Right to Represent Buyer Agreement. The Agency Disclosure: In Michigan, the Agency Disclosure is a separate but closely related form that is typically provided to the buyer at the beginning of the relationship. It discloses the nature of the agency relationship between the broker/agent and the buyer, clarifying whether the broker is representing the buyer as a buyer's agent, a dual agent, or a seller's agent. The disclosure form ensures that the buyer understands the different agency relationships available and allows them to make an informed decision regarding representation. Overall, the Michigan Exclusive Buyer-Broker Agreement and Agency Disclosure provide clarity, protection, and guidance for both buyers and brokers/agents involved in real estate transactions. These agreements help establish a mutually beneficial relationship, ensuring the buyer's best interests are diligently pursued throughout the buying process.
