The non-exclusive agreement outlines the broker's/agent's duties and obligations to the buyer, agency relationships, broker scope of duty and buyer obligations; however, it does provide for compensation. It also removes the buyer's responsibility to pay a commission if the broker / agent is paid by another party such as the seller.
The Michigan Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a legally binding document that establishes the relationship between a real estate buyer and their chosen real estate agent (the buyer-broker). This agreement outlines the rights and obligations of both parties throughout the home buying process. Under this agreement, the buyer-broker agrees to represent the buyer's best interests when searching for a property, negotiating offers, and guiding them through the purchase transaction. It is important to note that this agreement is non-exclusive, meaning the buyer can hire multiple agents to assist them in their home search. The Michigan Non-Exclusive Buyer-Broker Agreement and Agency Disclosure also includes an agency disclosure section. This portion of the agreement discloses the agency relationship between the buyer, the buyer-broker, and the listing agent or seller. It ensures transparency in terms of whom the agent represents and to whom their fiduciary duties are owed. It's worth mentioning that there are a few different types of Michigan Non-Exclusive Buyer-Broker Agreements and Agency Disclosures, each with their own variations and addendums. Some common types include: 1. Standard Non-Exclusive Buyer-Broker Agreement: This is the most basic form of the agreement, outlining the general terms and conditions of the buyer-broker relationship. 2. Exclusive Right-to-Represent Buyer-Broker Agreement: Although not as common in Michigan, this type of agreement grants the buyer-broker exclusive rights to represent the buyer. It prohibits the buyer from working with any other real estate agents during the agreed-upon period. 3. Exclusive Buyer-Broker Agreement with Escalation Addendum: This agreement includes an escalation addendum that allows the buyer-broker to submit offers on behalf of the buyer that will automatically increase if there are competing offers on the property. 4. Exclusive Buyer-Broker Agreement with Dual Agency Disclosure: In cases where the buyer-broker and the listing agent work for the same brokerage, this agreement includes a dual agency disclosure to inform the buyer of the potential conflict of interest. 5. Exclusive Buyer-Broker Agreement for New Construction: This specialized agreement is tailored to buyers looking to purchase new construction properties. It includes specific provisions related to timelines, builder incentives, and warranty information. In conclusion, the Michigan Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a vital document for buyers entering the real estate market. By clearly outlining the rights and responsibilities of both the buyer and the buyer-broker, it ensures a transparent and mutually beneficial relationship throughout the home buying journey. It is essential to carefully review and understand the specifics of any agreement before entering into it.The Michigan Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a legally binding document that establishes the relationship between a real estate buyer and their chosen real estate agent (the buyer-broker). This agreement outlines the rights and obligations of both parties throughout the home buying process. Under this agreement, the buyer-broker agrees to represent the buyer's best interests when searching for a property, negotiating offers, and guiding them through the purchase transaction. It is important to note that this agreement is non-exclusive, meaning the buyer can hire multiple agents to assist them in their home search. The Michigan Non-Exclusive Buyer-Broker Agreement and Agency Disclosure also includes an agency disclosure section. This portion of the agreement discloses the agency relationship between the buyer, the buyer-broker, and the listing agent or seller. It ensures transparency in terms of whom the agent represents and to whom their fiduciary duties are owed. It's worth mentioning that there are a few different types of Michigan Non-Exclusive Buyer-Broker Agreements and Agency Disclosures, each with their own variations and addendums. Some common types include: 1. Standard Non-Exclusive Buyer-Broker Agreement: This is the most basic form of the agreement, outlining the general terms and conditions of the buyer-broker relationship. 2. Exclusive Right-to-Represent Buyer-Broker Agreement: Although not as common in Michigan, this type of agreement grants the buyer-broker exclusive rights to represent the buyer. It prohibits the buyer from working with any other real estate agents during the agreed-upon period. 3. Exclusive Buyer-Broker Agreement with Escalation Addendum: This agreement includes an escalation addendum that allows the buyer-broker to submit offers on behalf of the buyer that will automatically increase if there are competing offers on the property. 4. Exclusive Buyer-Broker Agreement with Dual Agency Disclosure: In cases where the buyer-broker and the listing agent work for the same brokerage, this agreement includes a dual agency disclosure to inform the buyer of the potential conflict of interest. 5. Exclusive Buyer-Broker Agreement for New Construction: This specialized agreement is tailored to buyers looking to purchase new construction properties. It includes specific provisions related to timelines, builder incentives, and warranty information. In conclusion, the Michigan Non-Exclusive Buyer-Broker Agreement and Agency Disclosure is a vital document for buyers entering the real estate market. By clearly outlining the rights and responsibilities of both the buyer and the buyer-broker, it ensures a transparent and mutually beneficial relationship throughout the home buying journey. It is essential to carefully review and understand the specifics of any agreement before entering into it.
