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More Disclosures
Instructor: John Henderson JT@grar.com
0:21 Minutes
Module 2 Lesson 3 – Limited Service Waiver
The Michigan Legislature allows for some agent duties to be waived provided the waiver is written and agreed to by the client. The required language for such waivers are provided in the statute and must be separate from the Disclosure of Agency Relationship document. Duties that can be waived are:
1. Accept, deliver and present offers and counteroffers to client.
2. Assist in developing, communicating, negotiating, and presenting offers.
3. Assist to complete the transaction.
339.2517 (4)
(4) On a separate form, the following information in the following format shall be provided to a client desiring to waive any of the services required under section 2512d(3)(b), (c), and (d) by execution of a limited service agreement:
LIMITED SERVICE AGREEMENT
Pursuant to Michigan law certain services provided by
a real estate licensee may be waived.
A real estate licensee is required to perform certain
services for his or her client unless these services are
waived by the client. By signing below, you agree that
the real estate licensee will not be required to perform
the services initialed (only initial the services waived).
Initial if waived:
—Acceptance of delivery and presenta-
tion of offers and counteroffers
to buy, sell, or lease your
property or the property you
seek to purchase or lease. ______ ______
—Assistance in developing, communica-
ting, negotiating, and presenting
offers, counteroffers, and related
documents or notices until a purchase
or lease agreement is executed by all
parties and all contingencies are
satisfied or waived. ______ ______
—After execution of a purchase
agreement by all parties,
assistance as necessary to complete
the transaction under the terms
specified in the purchase agreement. ______ ______
Agreement to Waive
By signing below, I acknowledge that the duties owed to me pursuant to Michigan law have been explained to me and that I knowingly agree that the real estate licensee who represents me will not provide the services that are initialed above. I also understand that in any proposed real estate transaction, no other real estate licensee is required to provide the waived services unless I subsequently hire them to do so. I also acknowledge that in order to protect my interests I may need to retain other professionals, such as an attorney.
_________________________________ ____________________
Seller or Buyer Date
_________________________________ ____________________
Seller or Buyer Date
_________________________________ ____________________
Real Estate Broker or Salesperson Date
_________________________________
Brokerage Name