Buyer Agency Portal

Disclosure Regarding Real Estate Agency Relationships

Before you disclose confidential information to a real estate licensee regarding a real estate transaction, you should understand what type of agency relationship you have with that licensee. 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 560.1 02, or a condominium unit as defined in section 4 of the condominium act, 1978 PA 59, MCL 559.1 04.

1. An agent providing services under any service provision agreement owes, at a minimum, the following duties to the client:
   1. The exercise of reasonable care and skill in representing the client and carrying out the responsibilities of the agency relationship.
   2. The performance of the terms of the service provision agreement.
   3. Loyalty to the interest of the client.
   4. Compliance with the laws, rules, and regulations of this state and any applicable federal statutes or regulations.
   5. Referral of the client to other licensed professionals for expert advice related to material matters that are not within the expertise of the licensed agent.
   6. An accounting in a timely manner of all money and property received by the agent in which the client has or may have an interest.
   7. Confidentiality of all information obtained within the course of the agency relationship, unless disclosed with the client's permission or as provided by law, including the duty not to disclose confidential information to any licensee who is not an agent of the client.
2. A real estate broker or real estate salesperson acting pursuant to a service provision agreement shall provide the following services to his or her client:
   1. When the real estate broker or real estate salesperson is representing a seller or lessor, the marketing of the client's property in the manner agreed upon in the service provision agreement.
   2. Acceptance of delivery and presentation of offers and counteroffers to buy, sell, or lease the client's property or the property the client seeks to purchase or lease.
   3. Assistance in developing, communicating, negotiating, and presenting offers, counteroffers, and related documents or notices until a purchase or lease agreement is executed by all parties and all contingencies are satisfied or waived.
   4. After execution of a purchase agreement by all parties, assistance as necessary to complete the transaction under the terms specified in the purchase agreement.
   5. For a broker or associate broker who is involved at the closing of a real estate or business opportunity transaction, furnishing, or causing to be furnished, to the buyer and seller, a complete and detailed closing statement signed by the broker or associate broker showing each party all receipts and disbursements affecting that party.

Michigan law requires real estate licensees who are acting as agents of sellers or buyers of real property to advise the potential sellers or buyers with whom they work of the nature of their agency relationship.

SELLER'S AGENT

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. Individual services may be waived by the seller through execution of a limited service agreement. Only those services set forth in paragraph (2)(b), (c), and (d) above may be waived by the execution of a limited service agreement.

BUYER'S AGENT

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 with 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. Individual services may be waived by the buyer through execution of a limited service agreement. Only those services set forth in paragraph (2)(b), (c), and (d) above may be waived by the execution of a limited service agreement.

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.

TRANSACTION COORDINATOR

A transaction coordinator is a licensee who is not acting as an agent of either the seller or the buyer, yet is providing services to complete a real estate transaction. The transaction coordinator is not an agent for either party and therefore owes no fiduciary duty to either party.

DESIGNATED AGENCY

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 seller. The named "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 also named in the agreement. Other agents in the firm have no duties to the buyer or seller and may act solely on behalf of another party in the transaction.

LICENSEE DISCLOSURE & COMPENSATION AGREEMENT (Check one)

NOTE: Broker commissions are not set by law and are fully negotiable. Agent hereby discloses the agency status of the licensee named below. Buyer agrees that upon the completion of a successful closing the compensation shall be paid as follows:

• Seller's agent (Exclusive Right to Sell Agreement required)
• Seller's agent--limited service agreement (additional form required)
• Buyer's agent (Buyer Agency Agreement required)
• Buyer's agent--limited service agreement (additional form required)
• Dual agent (Dual Agency Agreement required)
• Transaction coordinator (A licensee who is not acting as an agent of either the seller or the buyer.) A separate compensation agreement is required.
• None of the above

AFFILIATED LICENSEE DISCLOSURE

Berkshire Hathaway HomeServices Kee Realty operates as a Designated Agency. Unless a Dual Agency Agreement is executed by both the buyer and seller, only the licensee's broker, along with the named supervisors, officers, and managers of the broker, will share the same agency relationship as the licensee identified below. In transactions where the opposing party is represented by an affiliated licensee, the licensee's broker and all supervisory brokers named will be regarded as disclosed consensual dual agents.

This form was provided to the potential buyer prior to the disclosure of any confidential information.

ACKNOWLEDGEMENT

By signing below, the undersigned parties confirm that they have received, read, and understood the information contained in this Agency Disclosure Statement. They acknowledge that this form was provided prior to the disclosure of any confidential information. Furthermore, they affirm that they are not currently represented under an agency agreement with any other licensed real estate agent.

EXCLUSIVE BUYER AGENCY AGREEMENT

1. PURPOSE: Client hereby appoints Berkshire Hathaway HomeServices Kee Realty (Broker) as Client's exclusive agent to assist Client to locate, negotiate and secure property as described in paragraph 4. Broker accepts the appointment and Broker's services shall be limited to consulting with Client regarding the desirability of particular properties, the availability of financing, formulating acquisition strategies, negotiating "Buy & Sell Agreements", leases, options, exchanges and facilitating the details of the transaction. Broker will only introduce Multi-listed (MLS) properties to Client. If Client desires to see any non-MLS property Client must inform Broker, and Broker shall attempt to accommodate the Client.
2. TERM: This agreement shall begin 10-09-2024 and terminate at 11:59 P.M. on 01-07-2025.
3. BROKER'S DUTIES TO CLIENT: The duties of the Broker include, the following:
   1. Disclosure: Except in the case of Disclosed Dual Agency, Broker shall disclose to Client any information it may hold in regard to the other party in the transaction which would benefit Client in negotiating with the other party. Client understands that in the case of Dual Agency these duties are limited. Confidentiality prevails over disclosure, and loyalty is divided between the parties.
   2. Reasonable Care and Diligence: Broker shall exercise reasonable care and diligence in all dealings with Client.
   3. Confidentiality: Any information Broker receives from Client, which if disclosed to the other party in a transaction, would be detrimental to Client's negotiating position shall not be disclosed unless Client gives the Broker specific instructions to the contrary.
   4. Obedience: Broker shall follow Client's specific lawful directions in representing Client's position in any negotiations.
   5. Loyalty: Except in the case of Disclosed Dual Agency, Broker shall hold its loyalty to Client paramount and shall work in the Client's best interest.
   6. Accountability of Funds: Broker shall account for all funds that come into its possession which are the property of Client.
4. PROPERTY: This agreement is valid for any purchase, lease, option, exchange or otherwise acquired real property during the term of this agreement in the State of Michigan. This includes, but is not limited to: residential, residential income, commercial, industrial, farm, vacant, or business property.
5. EXCLUSIVE AGENT: Client agrees that during the term of this agreement all inquiries and/or negotiations on behalf of Client relating to the acquisition of any Desired Property shall be through Broker. Client agrees to refer any inquiries to Broker from any other broker, salesperson or any other source.
6. ENTITLEMENT TO A COMMISSION: The Broker shall be entitled to a commission should either of the following occur:
   1. During the term of this agreement, the Client purchases, leases, or exchanges any property of the general type described in paragraph 4 above.
   2. Within three months after the expiration of this agreement, Client purchases, leases, or exchanges any property with respect to which the Broker (1) had negotiations relating to the property, (2) exhibited the property to Client or (3) had any oral or written contact with the owner of the property or the owner's agent on Client's behalf, unless Client has entered into a subsequent "Exclusive Buyer Agency Agreement" with another broker.
7. BUYER-BROKER FEES: Broker commissions are not set by law and are fully negotiable. The commission due to Broker at the closing of the transaction shall be (check the applicable row):
   ■ Commission in the amount of 3% of the sales price plus a flat fee of $349
   Authorization for Negotiation: The Client shall ultimately be responsible for the Buyer-Broker Fee to be paid to the Broker; however, the Client hereby authorizes the Broker to negotiate on their behalf for the Seller and/or Listing Broker to pay some or all of the Buyer-Broker Fees herein. This authorization includes seeking commissions that may be due to the Broker directly from the Seller or through a Cooperating Broker arrangement. If any Cooperating Broker's offering is greater than the amounts herein, the Buyer's Broker will accept the lower of the two.
   Counteroffer Protocol: The Broker is authorized to request that any counter offers made during the negotiation process be structured through adjustments in the sale price rather than modifications to the commission structure. The intent is to maintain the integrity of the agreed-upon Buyer-Broker Fees, ensuring any negotiations do not detract from the predetermined compensation framework.
   Clarification of Broker's Role: The Seller, Landlord, or Cooperating Broker's payment of commission to the Broker serves solely as a financial adjustment within the transaction. The Client acknowledges this arrangement does not alter the Broker's role or create an agency or subagency relationship with the Seller or Landlord.
8. OTHER PURCHASERS AND LESSEES: Client understands that Broker may work with other potential purchasers/lessees (whether as clients or customers) that may consider, make offers on, or purchase/lease, the same or similar properties as the Desired Property. Client permits Broker to work with other such potential purchasers/lessees, as a customer or as a represented client, before, during and after the expiration of this Agreement. Client further realizes and acknowledges consent to the fact that the Broker will not provide Client with confidential information about any seller/landlord obtained as a result of any past or present agency relationship.
9. DESIGNATED AGENT: Berkshire Hathaway HomeServices Kee Realty (Broker) and Client designate the Buyers Agent herein as Client's Designated Agent as defined and provided for under Michigan's Occupational Code (MCL 339.2517). Client has an agency relationship ONLY with Berkshire Hathaway HomeServices Kee Realty (Broker), the Designated Agent named here and any Supervisory Brokers, Managers or Officers. If a potential seller is represented by a Designated Agent within Berkshire Hathaway HomeServices Kee Realty (Broker) other than the Designated Agent named above, Berkshire Hathaway HomeServices Kee Realty (Broker) and its Supervising Brokers shall automatically be deemed Disclosed Consensual Dual Agents.
10. DUAL AGENCY ACKNOWLEDGEMENT AND ACCEPTANCE: In the event Client expresses interest in real property listed with or owned by Designated Agent or a Supervisory Broker, then Broker shall act in the capacity of a Disclosed Consensual Dual Agent with Client's full knowledge and consent. A Dual Agency Agreement will be presented prior to an offer being written under these circumstances.
11. NON-DISCRIMINATION: Broker and Client agree not to discriminate because of race, color, religion, sex, physical or mental disability, marital status, familial status, national origin, age, sexual orientation, gender identity and gender expression, or any other matter prohibited by Federal, State, or local law.
12. FAILURE TO CLOSE TRANSACTION: If a seller/landlord fails to close an agreement made with Client, with no fault on the part of the Client, then the compensation due Broker provided for in this Agreement shall be waived. If such transaction fails to close due to acts on the part of Client, the total amount owing as compensation shall be immediately due and payable to Broker by Client.
13. DISCLOSURE OF BROKER'S ROLE: At the time of initial contact, Broker shall inform all prospective sellers/landlords and their agents that Broker is acting on behalf of Client.
14. COST OF SERVICES OR PRODUCTS OBTAINED FROM OUTSIDE SOURCES: Broker will not obtain or order products for services from outside sources on Client's behalf unless Client agrees, in writing, to pay for them immediately when payment is due (examples: surveys, environmental studies, inspections, soil tests, title reports, engineering studies). In the event Broker provides Client with names or sources for such advice or assistance, Client acknowledges and agrees that Broker does not warrant or guarantee the services and/or products.
15. INDEMNIFICATION OF BROKER: Client agrees to indemnify Broker and to hold it harmless on account of any and all costs or damage arising out of this contract, provided Broker is not at fault, including, but not limited to attorneys' fees reasonably incurred by Broker.
16. CONDITION OF PROPERTY: Client should not rely on the Broker to determine the suitability (i.e., zoning, plat restriction, etc.) of any Desired Property for Client's purposes or regarding the environmental, structural or other conditions of the Desired Property. Broker makes no warranties as to physical, environmental, percolation, well, septic conditions of any property. Broker advises Client to employ professional inspection services to instruct Client as to suitability, plus any and all other property conditions.
17. BROKER'S ROLE: Client acknowledges that Broker is not acting as an attorney, tax advisor, surveyor, civil engineer, structural engineer, environmental expert or appraiser and that Client should engage professionals on these matters.
18. CLIENT RESPONSIBILITY: Broker's duties contained in this Agreement do not relieve Client from his or her responsibility to protect Client's own interest. Client should carefully read all agreements to assure that they adequately express Client's understanding of the transaction. Client is advised to seek legal, tax and other professional assistance relating to any proposed transaction. Client further acknowledges that Broker informed Client that the title to the property could be subjected to restrictions, easements, liens and other encumbrances and that the services of an attorney are necessary in order to evaluate their effect on title.
19. CONSENT TO DISCLOSURE: Unless Broker receives written instructions to the contrary, Client authorizes Broker to disclose Client's identity and any pertinent facts Broker has regarding Client's financial ability to purchase Desired Property.
20. AUTHORIZATIONS: I (we) authorize our mortgage broker and/or lender to release any and all pertinent information related to obtaining a mortgage to our Designated Broker. These items include but are not limited to: underwriting conditions, appraisals, rejections, approvals, final closing conditions, clear to close, etc. I (we) also authorize our lender and/or title agency to release a copy of the Closing Disclosure to the Designated Agent named herein.
21. ENTIRE AGREEMENT: This Agreement constitutes the entire agreement between the parties, and any other prior agreements, whether oral or written, have been merged and integrated into this Agreement. In the event any portion of this Agreement is found to be unenforceable, that portion shall be severed from the Agreement and the remainder of the Agreement shall remain in full force and effect.
22. OTHER TERMS:

ACKNOWLEDGEMENT OF RECEIPT: I (we) acknowledge the receipt of a copy of this document and all associated documents.