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Understanding Michigan's Agency Law
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BUYERS: Purchasing a home is probably THE most expensive financial transaction a person or family will make. You should consider being represented by your own agent and should begin your home search by finding that agent.
SELLERS: Your home represents an incredible personal investment and the sale of it can be a complex undertaking. Look to be represented by an experienced, knowledgeable and trusted selling agent.
In Michigan, a Realtor is able to work as a:
Sellers Agent (representing the Seller, i.e., the LISTING AGENT),
Buyers Agent (representing the Buyer),
Dual Agent (representing both parties simultaneously in a given transaction - but limiting the agent's fiduciary responsibility to each), or a
Transaction Coordinator (an agent that does not advise parties or represent either party, but assists with the paperwork.)
Here is an exerpt from REBAC the Real Estate Buyers Agency Counsel, describing buyer agency and its benefits:
Why you should use an Accredited Buyer's Representative (ABR)
The best way to be certain that an agent is working in your best interests is by signing a buyer representation agreement with an agent.
A buyer's representative represents the consumer who is purchasing property, not the seller. Although state law varies, a buyer's representative usually works for and owes fiduciary responsibilities to the real estate buyer. It is the buyer representative that has buyer's best interests in mind throughout the entire real estate transaction.
Why should you look for the ABR designation before looking for a home? These three letters after a REALTOR's name tell you that you will be working with buyer representative who is committed to your best interests. The ABR designation is awarded by REBAC to those REALTORS who have have met the specific educational and experiential criteria needed to provide the high level quality service required by REBAC (Real Estate BUYER'S AGENT Council). For more information on Buyer Agency and it's benefits and for helpful buyer tools, go to REBAC.net the website of the Real Estate Buyers Agency Counsil.
I know this market and this community. You can trust that I have the knowledge and expertise to help you get into the home of your dreams. Please give me a call, to see if we might be able to work together. I look forward to hearing from you!!!
NOTE: Any agent that shows you property should discuss Agency Representation with you right at the start. You should know who is representing YOU.
CALL ME FIRST, AT RE/MAX 1st REALTY!
Liz Grill, Realtor, Assoc. Broker, ABR
RE/MAX 1st REALTY
518 S. FRONT ST.
MARQUETTE, MI 49855
p. 906-225-1136
f. 906-225-0995
email:liz@lizgrill.com
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