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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. 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.

A broker or salesperson may function in any of the following capacities:

• represent the seller as an authorized seller's agent or subagent
• represent the buyer as an authorized buyer's agent or subagent
• represent both the seller and the buyer as a disclosed dual agent, authorized by both the seller and buyer
• represent neither the seller or the buyer as an agent, but provide services authorized by the seller or buyer to complete a transaction as a transaction coordinator

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 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 subagents will disclose to the seller known information about the buyer which may be used to the benefit of the seller.

Buyer's Agents

A buyer's agent, under a buyer's agency agreement with the buyer, acts solely on behalf of the buyer. Buyer's agents and subagents will disclose to the buyer known information about the seller which may be used to benefit the buyer.

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.

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. The transaction coordinator is not the advocate of either party and therefore has no obligation to "negotiate" for either party. The responsibilities of the transaction coordinator typically include:

• providing access to and the showing of property
• providing access to market information
• providing assistance in the preparation of a buy and sell agreement which reflects the terms of the parties' agreement
• presenting a buy and sell agreement and any subsequent counter-offers
• assisting all parties in undertaking all steps necessary to carry out the agreement, such as the execution of documents, the obtaining of financing, the obtaining of inspections, etc.

Licensee Disclosure

iNest Realty Inc. hereby discloses that its agency status is as a Transaction Coordinator in any transaction relating to its Featured Builder Coupon Program in the State of Michigan.

Affiliated Licensee Disclosure

All affiliated licensees have the same agency relationship as described above.

This form was provided to the buyer or seller before disclosure of any confidential information.

Acknowledgment

By utilizing the iNest Web site, the parties confirm that they have received and read the information in this agency disclosure statement and that this form was provided to them before the disclosure of any confidential information specific to the potential sellers or buyers.