If you’re looking to sell or buy a home, you’ll probably work with a real estate agent. Most sellers and buyers do. Before you sign a contract with an agent, here are some things you should know.
Agents are licensed professionals. Under Michigan law, your agent owes you some basic duties, such as:
Regarding the last duty, remember that agents aren’t experts in real estate law. It’s always a good idea to seek legal advice from an experienced lawyer.
If you’re selling a home, your agent will help you market it. And, whether you’re selling or buying, your agent will normally:
But you and your agent can also agree in writing that the agent will provide only limited services.
There are three types of agent relationships. A seller’s agent, under a listing agreement with a seller, acts solely for the seller. A buyer’s agent, under a buyer’s agency agreement, acts solely for the buyer. Finally, an agent can be a dual agent – but only if the seller and buyer consent in writing. There are legal restrictions on the information a dual agent can share with the seller and buyer.
The attorneys at the Ann Arbor law firm of Hamilton, London, & Davis can provide legal advice if you’re selling or buying a home.