Larry Roels
INFORMATION FOR BUYER & SELLERS
Disclosure Regarding Real Estate Agency Relationship.
Before you disclose confidential information to a real estate licensee regarding a
real estate transaction, you should understand what types of agency relationship
you have with that licensee.   The story goes something like this;

Prior to the mid-1990's SUB AGENCY was common place, meaning one
brokerage had the Seller under contract and the co-op brokerage was
escorting a Buyer-Customer (not under contract) who was interested in
viewing a property.  The listing broker represented the Seller and the broker
who brought the prospective buyer was also indirectly obligated to the Seller.
 Under this scenario, the purchaser had no representation.   

Then, effective January 1st, 1994, Michigan law requires real estate licensees who
are acting as agents of sellers or buyers of real property to advise potential sellers
or buyers with whom they work of the nature of their agency relationship.  That
means Brokers and/or Salespersons may function in any of the following
ways:

SELLER'S AGENCY, under a listing agreement with the Seller, requires an
agent to act solely on behalf of the seller.  A seller can authorize a seller's agent to
work with sub-agents, buyer's agents, and/or transaction coordinators.  Seller's
agent and their sub-agents will disclose to the seller known information about the
buyer which may be used to the benefit of the seller.

BUYER'S AGENCY, under a buyer's agreement with the buyer, requires an
agent to act solely on behalf of the buyer. A sub-agent of the buyer is one who has
agreed to work with the buyer's agent, acts solely on behalf of the buyer.  Buyer's
agents and their sub-agents will disclose to the buyer known information about the
seller which may be used to the benefit of the buyer.

DUAL AGENCY, 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 relationship, the
licensee will not be able to disclose all known information to either the seller or
the buyer.  As a dual agent, the licensee will NOT be able to provide the full range
of fiduciary duties to the seller or the buyer.  The obligations of a dual agent are
subject to any specific provisions set forth in the written agreement between agent,
seller and buyer.

TRANSACTION COORDINATOR is a licensee who is NOT acting as an agent
of the seller or the buyer, yet is providing services to complete a real estate
transaction. The transaction coordinator is NOT and agent for either party and
therefore owes no fiduciary duty to either party.  The transaction coordinator has
no obligation to "negotiate" in either parties behalf.


IN CONCLUSION-- A Buyer or Seller with a designated agency agreement is
represented only by agents specifically named in the agreement.  Any agents of
the firm not named in the agreement do not represent the Buyer or the Seller.  
The name "designated" agent acts solely on behalf of his or her client and may
only share confidential information about the client with the agent's supervisory
broker who is named in the agreement.  

Larry Roels will always explain the duties of his agency relationship with you at
your first meeting.  You will always know your options BEFORE taking the next
step.  Give him a call today!  (586) 997-9900 Ext 838.

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Office Phone:
(586) 997-9900

Home Phone:
(586) 899-6138

Voice Mail:
(586) 997-9900

Cell Phone:
(586) 899-6138

Fax:
(586) 997-4274

Language Spoken:
English

Specialty:
Residential

RE/MAX
Metropolitan
8300 Hall Rd.,
Suite 100
Utica, MI 48317
"Every customer is the most important customer."
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