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 Disclosure
Statements: Agency Disclosure |
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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. |
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| Click
below to view the Agency Disclosure Statement |
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