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pdf Agency Disclosure Popular

By In Disclosure Statements 4327 downloads

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Agency Disclosure Statement.pdf

Michigan law requires a real estate agent to disclose to a potential buyer or seller in a real estate transaction all types of agency relationships available and the agent's duties that each agency relationship creates before the disclosure by the potential buyer or seller to the agent of any confidential information specific to that potential buyer or seller. A real estate transaction is a transaction involving the sale or lease of any legal or equitable interest in real estate consisting of not less than 1 or not more than 4 residential dwelling units or consisting of a building site for a residential unit on either a lot as defined in Section 102 of the Land Division Act, 1967 PA 288, MCL 560.102 or a condominium unit as defined in Section 4 of the Condominium Act, 1978 PA 59, MCL 559.104. Real Estate Agents who are acting as agents of sellers or buyers of real property must advise the potential sellers or buyers with whom they work of the nature of their agency relationship. There is a standard form for meeting the law's requirement called the "Agency Disclosure Form".

As a buyer or seller, your real estate agent must discuss agency relationships with you and disclose on the Agency Disclosure Form who they will be representing in the real estate transaction. The real estate agent will ask you to sign the disclosure form signifying you received it, read the information on it and received the form before disclosing any confidential information specific to you to the real estate agent.