Instructor:
- Becky Berke, ESQ. Director of Legal Education, Michigan Realtors®
NAR Settlement
1. Practice changes from the NAR Settlement will be implemented in August 2024.
2. Offers of compensation will no longer be permitted through the MLS or any platform using MLS data or data feeds (i.e. showing services)
3. Consult your local association for questions regarding GLAR forms and local MLS practice changes. Click here to learn more
Broker Liability for Buyer Safety
4. New Michigan Supreme Court rule states property owners and possessors owe a duty to exercise reasonable care to protect visitors from unreasonable risk of injury due to hazardous conditions, even if those conditions are “open and obvious.” Past litigation has held buyer’s agents not liable for injuries sustained by a buyer when viewing a property.
Common Legal Mistakes Agents Make
5. Copying listing information from prior listings and using photos that do not belong to them.
6. Not filling in all blanks. Agents should fill out every blank in the purchase agreement, and cross out any inapplicable paragraphs. Blank fields leave unknown intent.
7. Not obtaining signed releases for earnest money deposits. Earnest money deposit disputes are very common and having it stated in writing how and why the money will be released is good practice.
8. Not carefully reviewing unfamiliar forms. When working with agents from different Associations, agents should carefully review and understand any forms they are not familiar with before presenting them to clients.
9. Not signing and dating forms. Forms are legally binding and are often full of terms that must be performed by specific dates which is calculated from the date the contract becomes binding.
Sellers Disclosure Act
10. The fact that a seller has never lived in a home does not mean they are exempt from filling out the Sellers Disclosure Act form.