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CAVEAT EMPTOR - BUYER BEWARE
It is possible to jeopardize your ability for representation as
you "casually"
look for homes for sale.
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prospective buyer go to an open house or call in response to an ad or lawn sign, you have
initiated contact. The seller's licensee did not come to you ... you went to the
licensee and you maybe that licensee's customer whether you like it or not! This is
why the word "introduced" is so important if you see it in a real estate
document -- especially a document that tells you that you are not represented!
Even if you hire a buyer's agent to protect your interests
after you have been "introduced" to the property, the seller's licensee can
claim your buyer's agent's compensation in arbitration through the Board of Realtors®.
Even though your buyer's agent guides you through the selection of the property, writes the
offer and negotiates the contract, sets up the inspections, works with lending issues,
title commitment and thousands of closing details -- the seller's licensee can assert a
claim as the "procuring cause" of the sale if you as the buyer went to the
seller's licensee for information.
As a Homebuyer, you must be aware of these
implied relationships as they occur while you are house hunting. Keep in mind the
agency relationships as you look at homes. |
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Buyer Beware:
- If you are shown the broker's own listed
properties, you are being "introduced" to them even you haven't decided to buy
any property yet! If you decide to become a serious buyer months later, the broker can
still claim you were "introduced" when you thought you were casually "just
looking."
- If you call a licensee because you saw a picture
or a lawn sign of the broker's listing, and you were given a print-out, picture, video or
other information about a property: that could be considered as being
"introduced" to the property.
- If you are asked to sign a form BEFORE going to
look at the properties, you may well find some very inclusive language written in the
blanks concerning properties the broker "introduces."
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Here's a simple idea to
protect yourself and preserve all your options at a later date. Buyer's Rights Form |
DON'T BE SOLD A HOME
David Mills
The most experienced and most qualified buyer agent in
Novi, Troy, Birmingham, Bloomfield Hills, Canton, Clarkston, Royal Oak and all Metro-Detroit.
248-709-7767 |
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