Buying Real Estate Without an Agent: Unrepresented Buyer’s Acknowledgment
Are you looking to buy real estate without an agent? This page was written to help inform purchasers who wish to offer on Munro Real Estate & Development LLC (“MRED”) listings without agency representation.
MRED does not practice dual agency.
What is Dual Agency?
Dual agency is a form of agency representation where a real estate agent or brokerage firm represents both the purchaser and the sellers in a transaction simultaneously. In most real estate transactions both parties are interested in negotiating pricing and terms favorable to themselves (buyers generally want a lower price, and sellers typically want a higher price), which means that while an agent acting as a dual agent between both parties may be able to treat both purchasers and sellers fairly, the dual agent will not be able to advocate or negotiate on behalf of either side as they would under a traditional agency agreement where the agent works exclusively on behalf of either the purchaser or the seller (but not both).
Are dual agents less effective than buyers’ or sellers’ agents?
The reason dual agents cannot negotiate as effectively as a traditional buyers’ or sellers’ agent (who is not representing both sides of a transaction simultaneously) has to do with agents’ duties of confidentiality and loyalty to their client’s interests as fiduciaries. When a buyer or seller has an agent who is working for their client’s interests exclusively, that agent is required to protect their client’s confidentiality while also providing any and all information about the transaction (or the parties within the transaction) which could be beneficial to their client. A dual agent, on the other hand, must treat buyer and seller as both of their clients, which will require them to disclose either everything to both sides, or nothing to both sides.
In other words, a dual agent does not have the ability to gather information for and negotiate on behalf of either the purchaser or seller thereby removing one of the most valuable services an agent provides to their client.
How can I purchase a property listed by Munro Real Estate, if Munro Real Estate does not practice dual agency?
Unrepresented purchasers interested in submitting an offer on properties listed by Munro Real Estate & Development LLC are encouraged to submit offers in either of 3 ways:
- Purchaser can hire an agent from an outside real estate company to represent their interests exclusively, and their agent can assist with scheduling tours, drafting offers, reviewing contracts and negotiating on behalf of the purchaser. The purchaser may retain an agent either before or during a transaction.
- All parties are recommended to consult with attorneys, and the purchaser may rely on their attorney’s representation in lieu of hiring a real estate agent to represent them. The purchaser may retain their attorney either before or during a transaction.
- The purchaser may submit an offer through the Munro Real Estate listing agent without representation, thereby proceeding without either attorney’s representation or the representation of a buyer’s agent.
Okay, I would like to submit an offer on a Munro Real Estate listing without an agent. How do I proceed?
Michigan requires us to provide customers with an agency disclosure which addresses things such as confidentiality, loyalty, and who is who in a real estate transaction. Buyers proceeding without an agent are also asked to complete our unrepresented buyer acknowledgement below. Neither of these forms are binding contracts.
Whether you are looking to buy real estate without an agent, with an agent, or with your attorney, we appreciate your time in reviewing this information and we wish you good luck with your purchase! Feel free to contact us if you have any questions.