Whenever a Michigan resident plans to engage in purchases and sales of real estate property it is wise to go over a few important questions with one’s real estate agent. Not all real estate agents will cross all their t’s and dot all their i’s, and not all real estate agents are entirely ethical and competent. However, by staying on the ball, those planning purchases and sales of real estate can ensure that agents are doing their jobs and avoid any potential problems down the road.
It could happen that a seller of real estate might incorrectly believe that he or she has contracted a seller’s agent, when in fact the agent is representing the buyer in the deal. It is therefore important to confirm who your real estate agent is actually representing, and make sure that it is you. It is also good to be aware of how long your real estate agent has been licensed. An experienced agent with years of transactions under his or her belt could be better suited to represent you in your dealings. While this may not be a ‘make it or break it’ issue for all real estate purchases and sales, it is good to know the background and experience of your agent.
On the same lines of experience, other good questions to ask involve how long your agent has worked in a particular geographic area and what type of real estate he or she normally works with — i.e., residential, commercial or both? You may also want to ask your agent how many sales he or she has closed on in the last several months. If the answer is not very many, make sure to ask why.
There are a lot of other questions one can ask. For example, what is your real estate agent’s plan for marketing your home or property to buyers? And, can your provide me your fee structure in writing? Michigan residents making purchases and sales of real estate may want to let their own common sense dictate what questions to ask. They may also wish to contact a qualified real estate attorney to look over any final real estate transaction paperwork, and to review the deal, to make sure they are being fairly treated under the law.
Source: FindLaw, “Questions for your real estate agent” Oct. 06, 2014