At Downtown Realty, we strive to provide the best representation possible to our clients, which primarily consist of sellers of single family real estate in Michigan. As part of our representation, we list our properties on the MLS (Multiple Listing Service) and cooperate with buyer’s agents AKA cooperative brokers. Please see below for some of Downtown Realty’s policies.
We do cooperate with Buyer’s Agents AKA Selling Agents within the scope of Michigan law, NAR, MAR, and GMAR policy, as well as Downtown Realty’s policies. Our Cooperative Offering flat rate or percentage of sale price is disclosed on the MLS and may vary depending on property.
We do not accept cooperation with Buyer’s Agents who reflect ownership of both the cooperative brokerage and the purchaser or associated entity. All offers must disclose if the buyer or entity’s ownership has a licensed real estate broker or salesperson or has a stake in a licensed brokerage.
Our sellers and we may elect to refuse to cooperate with any brokerage for any valid reason, including failure to disclose necessary information, unfamiliar offer forms drafted by buyers, attorneys, or any template that is not considered a standard Michigan real estate purchase agreement template. Further, hidden terms or unexpected costs MUST be initialed by all parties in order to be a valid seller charge. We will not honor hidden fees or costs that are not initialed by all parties, and per this notice is not valid or enforceable without clear approval from all parties in the form of initialing the specific term on the purchase agreement.
We do not accept cooperation with Sub-Agents at this time. We may consider special circumstances upon request.
We do not work with Transaction Coordinators from outside brokerages at this time. We may consider special circumstances upon request.
In the event that a buyer wants to work directly with Downtown Realty and has no buyer’s agent, we offer Transaction Coordinator services, in which Downtown Realty releases all fiduciary duties to both buyer and seller and becomes focused on ensuring a smooth closing. There may be a designated agent within Downtown Realty to represent said seller and another to represent the buyer, but both will still only be acting in the capacity of Transaction Coordinator. This scenario is not considered a cooperative sale since it is in-house.
Our listing agents may charge a buyer the $495+- transaction fee, as reflected on the MLS public remarks. If this is reflected on the listing ticket, it should be included within the offer. This is not considered commission and is not paid to any cooperative brokers or agents. If cooperative brokers have additional charges or fees that they charge the buyer, they must also clearly disclose that in the offer, in addition to the Downtown Realty transaction fee.
No contract is considered fully executed unless all changes, if any, are initialed, all necessary initial sections are initialed by the appropriate parties, and both parties have signed and dated the agreement, and buyer bottom lined if any changes were made or if applicable.
DISCLOSURE: Any verbal negotiation/counter or acceptance of the offer price shall not be misconstrued as “having a deal” until the purchase agreement is fully executed agreeing to all the terms of the sale. The seller(s) have not officially accepted any offer until they have reviewed the entire offer and terms in detail, signed the contract, and produced it to the buyer/buyer’s agent. Any changes or counters made to the contract must be initialed by all parties and bottom lined by the buyer before the contract is fully executed. If offer is on an unacceptable form, it must be resubmitted on a standard Michigan real estate purchase agreement template. In the event that another offer comes in before the seller has signed this offer, the seller has the right to retract any verbal acceptance and counter the offer, accept another offer, or go into a highest & best round.
If there are any questions about our Cooperative Broker Policy, please call Downtown Realty at 313-466-7253 or email us at email@example.com.