SELLER’S AGENTS
A seller’s agent, under a listing agreement with the seller, acts solely on behalf of the seller. A seller can authorize a seller’s agent to work with subagents, buyer’s agents and/or transaction coordinators. A subagent of the seller is one who has agreed to work with the listing agent, and who, like the listing agent, acts solely on behalf of the seller. Seller’s agents and their subagents will disclose to the seller known information about the buyer which may be used to the benefit of the seller.
The duties that a seller’s agent and subagent owes to the seller include:
promoting the best interests of the seller
fully disclosing to the seller all facts that might affect or influence the seller’s decision to accept an offer to purchase
keeping confidential the seller’s motivations for selling
presenting all offers to the seller
disclosing to seller all information known to the seller’s agent about the identity of all buyers and the willingness of those buyers to complete the sale or to offer a higher price.
BUYER’S AGENTS
A buyer’s agent, under a buyer’s agency agreement with the buyer, acts solely on behalf of the buyer. A subagent of the buyer is one who has agreed to work with the buyer’s agent and who, like the buyer’s agent, acts solely on behalf of the buyer. Buyer’s agents and their subagents will disclose to the buyer known information about the seller which may be used to benefit the buyer.
The duties a buyer’s agent and subagent owe to the buyer include:
promoting the best interests of the buyer
fully disclosing to the buyer all facts that might affect or influence the buyer’s decision to tender an offer to purchase
keeping confidential the buyer’s motivations for buying
presenting all offers on behalf of the buyer
disclosing to buyer all information known to the buyer’s agent about the willingness of the seller to complete the sale or to accept a lower price.
DUAL AGENTS
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 situation, 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 any agreement between the dual agent, the seller and the buyer.
Linda Meiling Hua
942 STINSON DR
Saginaw, MI 48604-2175 Phone:
989-284-0998 Fax:
E-mail:
meilinda_usa@yahoo.com