A buyer's agent, under a buyer's agency agreement with the buyers, acts solely on behalf of the buyer. Buyer agents will disclose to the buyer known information about the seller which may be used to benefit the buyer.
The duties of a buyer's agent are the following:
- Promoting the best interest 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 buyers motivations for buying.
- Presenting all offers at the buyers behalf.
- 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.
Michigan law allows the agent(s) to act in the following ways:
- Represent the buyer as an authorized buyer's agent.
- Represent the seller as an authorized seller's agent.
- Represent both the seller and buyer as a disclosed dual agent, authorized by both the seller and buyer.
- Represent neither the seller or buyer as an agent, but provide services authorized by the seller or buyer to complete a transaction as a transaction coordinator.