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What is the difference between the Buyer’s Broker Compensation Addendum and the Seller Concession Addendum?
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Welcome Agents
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Posted
Updated
ByMadyson Whitehouse
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General Real Estate FAQ
- Am I legally required to provide the listing agent/broker with a copy of my agency disclosure form or my exclusive buyer agency agreement?
- Can a seller prevent a person from entering their property?
- Do agents need to disclose that they are licensed when buying and selling properties?
- How can the amount of commission to a buyer’s agent be reduced to make the buyer’s offer more attractive to a seller in a multiple offer situation?
- How do I determine if a particular address of my new listing is located in a flood zone?
- How do I know which items remain with a property and which items should be reserved by a seller?
- How quickly does earnest money need to be deposited?
- I am a licensed real estate agent. Can I buy an interest in a title company and refer business to that title company?
- I am representing a buyer in a transaction where the agreed upon closing date is “on or before January 5.” My client is ready to close now and wants to schedule the closing date earlier than January 5, but the seller is refusing. Is the seller obligated to close at an earlier date?
- I represented the buyer in a transaction where the MLS indicated that the refrigerator was included, but after closing we realized that the sellers had replaced the stainless steel, side-byside refrigerator with a white, older model. Do we have any recourse?
- I represented the buyer in a transaction where the MLS indicated that the washer and dryer were included, but after closing we realized the sellers had taken those appliances. Do we have any recourse?
- Innocent & Intentional Misrepresentations: What are the repercussions for a seller who misrepresents the condition of the property?
- Is a seller required to give all buyers the opportunity to write their highest and best offer?
- Is it ok for a seller to only allow showings for pre-approved buyers?
- Is it ok for a seller to watch via video or listen during showings and open houses using a smart home device?
- Is there a “set commission” real estate agents charge consumers?
- May the listing agent delay the presentation of offers to the Seller?
- My buyer and I are discussing methods to make an offer more attractive to a seller, even though some of those options come with risk. Is there a hold harmless of sorts that should be completed if they choose to employ one of these methods?
- My buyer made an offer that the seller countered. Before we could respond, the listing agent sent me a text message stating that the seller was withdrawing the counter offer and going with highest and best. Can a counteroffer be withdrawn via a text message?
- My buyers have immediate possession. Does that mean that they can start moving in on the day of the closing?
- Seller Calling for Highest and Best
- Should Buyers Make Multiple Simultaneous Offers for Homes?
- What are the risks of implied agency?
- What should I do if a scammer uses my listing to create a fraudulent rental ad?
- When does the 10-day inspection period start - the day of acceptance of the offer or the day after?
- Who chooses the Title Company?
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MLS
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- Can a seller withhold a sale price from the MLS?
- Can I submit a listing to the MLS that says that the seller is tentatively planning to review offers on a certain date, but reserves the right to accept an offer prior to that date?
- Do agents need to disclose that they are licensed when buying and selling properties?
- Do I need to disclose that I am family of a seller or buyer?
- Dual commission arrangement
- For estate properties, why does the MLS question who signed the listing agreement? Isn’t confirmation of authorized signatories the responsibility of the title company?
- How long does a home need to be off the market for the continuous days on market to reset on the MLS?
- I represented the buyer in a transaction where the MLS indicated that the refrigerator was included, but after closing we realized that the sellers had replaced the stainless steel, side-byside refrigerator with a white, older model. Do we have any recourse?
- I submitted a new listing to the MLS and noticed that my name and phone number was removed from the public marketing remarks. Why is that?
- I will sometimes come across a listing on the MLS where the address appears to be intentionally modified to skew the days on market. Should I report those instances?
- If a property is owned by an LLC, is it ok for the President of the LLC to sign the listing agreement?
- If a sale has fallen through, but a Mutual Release of Purchase Agreement hasn’t yet been signed, can the status of the listing be changed back to Active on the MLS?
- If an agent within a brokerage holds a Manufactured Home Retailer’s license, but the broker does not. Can that agent list manufactured homes in parks on the MLS?
- If I get an agency disclosure form signed, do I still need a buyer’s agency agreement? I will be paid through the offer of compensation in the MLS.
- If the broker holds the Manufactured Home Retailer’s License, can the name of an agent affiliated with that broker still appear on the listing?
- Is a seller required to disclose that a home is a modular home?
- Is there a complete list of terms or phrases that should be avoided when writing listing comments?
- My seller suffers from dementia and her daughter has power of attorney. Should the daughter fill out a Seller’s Disclosure Statement on her mother’s behalf?
- The 2024 West Michigan Regional Listing Agreement has some new checkboxes and fields in the Fixtures & Improvements Paragraph for the identification of rented items. Does that information also need to be disclosed on the MLS?
- What are the standards/timeframes for promotion of unlisted and listed properties?
- What do the SA, BA, TC abbreviations on the MLS represent?
- What if a listing was submitted with the Delayed Offers Addendum, but the seller wants to change that date or remove the delay?
- What is a stigmatized property? Does that status need to be disclosed on the MLS?
- What is a withdrawn listing? Can the end date of a withdrawn listing be extended?
- What is the definition of a bedroom?
- What is the maximum size photo that can be uploaded to the MLS?
- When a sale falls through, how do I hide the previous selling agent’s name to prevent sensitive information from being disclosed to future buyers or their representatives?
- When is the active/contingent status used?
- Who completes the Seller Disclosure Statement?
- Why are MLSs needed when you can find listings for homes in so many places online?
- Why are phrases like great for a large family, perfect for empty nesters, and will appeal to the outdoorsmen removed from MLS listing comments?
- Why doesn’t the MLS have a search option for communities that are limited to residents of 55 years and older?
- Why isn’t lot rent a required field?
- Will manufactured homes in parks be included in IDX feeds?
- Will the MLS accept a listing for a mobile home in a park?
- Will the MLS accept a listing that is conditional upon the seller finding a new home?
- Will the MLS accept a listing that is conditional upon the seller finding a new home?
- Will there be an ability to either include or exclude homes in parks when searching on the MLS?
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- "Active/contingent" on MLS
- "Sold Before Broadcast" Sales Credit on MLS
- "Withdrawn" Listing
- Best Practices: MLS Documents Verbiage
- Closing out a listing on FlexMLS
- Coming Soon Status - Q&A
- Dual Commission Arrangements on the MLS ("VAR" field)
- Eco or Green Features
- FlexMLS Document Permissions
- Flexmls: Garage Field Changes
- For estate properties, why does the MLS question who signed the listing agreement? Isn’t confirmation of authorized signatories the responsibility of the title company?
- How to Add or Change Listing Photos on FlexMLS
- How to Get Sales Credit on MLS for FSBO Transactions
- How to Write a Great MLS Listing Description
- I will be adding a listing next week that has a Delays & Coming Soon Addendum. When I upload that document, should it be uploaded as a private document (like my listing agreement) or as a visible document?
- I will occasionally notice a listing that has been expired and then immediately relisted with a slightly different address (such as the letter A at the end or the street number or something similar). Is this permitted?
- Important Seller Concessions Fields Update
- Lansing MLS
- Meet Your MLS Support Team
- MLS Policies: Photos, additional media, and virtual tours
- MLS Policy & Forms Changes - Recording Available
- MLS Timeframes
- My seller’s basement leaked ten years ago, but after some grading work, it hasn’t leaked since. Can she answer “no” to the question about basement leaks on the Seller’s Disclosure Statement?
- The MLS rules call for a pending sale to be reported within 3 days, but can my seller and the buyer agree to allow the listing to remain in an active status on the MLS until the expiration of the inspection period (in this instance, there is a 7-day inspection period)?
- Updating contact info on Flexmls
- Waterfront, Water Access, and Water Features
- What do I do if I discover that an agent is using my listing photos or property descriptions?
- What is the timeframe for reporting a pending sale to the MLS?
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GRAR FAQ
- Am I allowed to advertise another broker’s listing?
- Are agents required to leave business cards after showings?
- Are there limitations on the activities that an unlicensed assistant may perform?
- Can a dual agency situation still occur in a designated agency office?
- Do brokers still need to display copies of all licenses on the wall at the brokerage?
- Do I need a special addendum if my seller is calling for highest and best and I post that date on the MLS?
- Do I need to assign a lockbox to a listing?
- Does GRAR have a policy regarding late night recruitment calls?
- Does GRAR still offer a withdrawal agreement?
- Does LARA notify GRAR of license changes (i.e. salesperson to broker, licensed appraiser to certified appraiser, etc.)?
- For estate properties, why does the MLS question who signed the listing agreement? Isn’t confirmation of authorized signatories the responsibility of the title company?
- GRAR ran a series of architectural design descriptions in the newsletter last year. Is there a location where I can find a complete list of those descriptions?
- How do I update my roster/contact page and photo on grar.com?
- How does a new member receive the education refund?
- How should I notify GRAR of a website issue on the weekend?
- I am representing a buyer in a transaction where the agreed upon closing date is “on or before August 1.” My client is ready to close now and wants to schedule the closing date earlier than August 1, but the seller is refusing. Is the seller obligated to close at an earlier date?
- I am representing a buyer in the purchase of a home. The listing agent said that, by law, I am required to provide him with a copy of the agency disclosure statement I furnished to my buyer-client. Is this true?
- I have a transaction that just fell apart and there is a disagreement over who is entitled to the EMD. How should this be handled?
- I have transferred to a new brokerage, but had a closing occur after I left with my former brokerage. There is a dispute now concerning my compensation. Is that a complaint that could be submitted to GRAR’s Professional Standards Committee for consideration?
- I recall hearing about a tool in GRAR’s New Member Orientation that helps homeowners determine if upgrades are worth the investment prior to selling. Can you remind me where I would access that service?
- I represent buyers who terminated a purchase agreement after discovering black mold in the house. I now have another interested buyer who would like to make an offer on the same home. The listing agent said that I cannot tell my buyer about the prior buyers’ discovery of mold because I obtained that information during a prior agency relationship. Is this true?
- I was contacted by someone who wants to list vacant land for sale, but I suspect that it’s a scam. How do I know for certain and what should I do?
- I’ve noticed agents offering to use Venmo, Zelle, Cash App, and other services to send money to other agents if they will cover a showing for them. Quite often these showings are being handled by agents from entirely different brokerages. Is it ok for an agent to pay another agent directly for assistance with a showing?
- If an agent is transferring to a new brokerage, can a pending sale make that transition too?
- Is it ok to ask an agent from a different brokerage to show a property for me or conduct an open house?
- My brokerage has authorized several people to sign the Compensation Agreement Between Brokers form. Do we need to share those names with GRAR or the MLS?
- My buyer made an offer that the seller countered. Before we could respond, the listing agent sent me a text message stating that the seller was withdrawing the counteroffer and going with highest and best. Can a counteroffer be withdrawn via a text message?
- Should a seller maintain their homeowners’ insurance if remaining in the home for a period of time after closing?
- What are the names of the forms that are new or have been revised to comply with the terms of the NAR Settlement? Also, where may I locate them?
- What are the requirements for real estate signs (design and placement)?
- What are the standards/timeframes for promotion of unlisted and listed properties?
- Will the MLS accept listings for manufactured homes in parks?
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Resources
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- Avoiding Cyberattacks
- Contractor Scheme
- Danger Zone Number Four: Conducting an Open House
- Danger Zone Number One: Your Vehicle
- Danger Zone Number Three: Showing a Property
- Danger Zone Number Two: Your Office
- Have you added a wire fraud disclaimer to your signature?
- How do you know that your seller is the actual property owner?
- Post a sign in listed properties and during open houses notifying visitors that the home is under video surveillance.
- The Effects of Drugs on Your Property
- Vacant Properties
- Watch for Moving Scams
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- 45 NICHE MARKETS IN REAL ESTATE
- 8 Amazing Water Facts only Michiganders can Brag About
- Advertising Rules & Requirements
- Continuing Education
- CRM Systems
- Do Not Call List
- How does the U.S. model compare to other, international broker marketplaces?
- Innocent & Intentional Misrepresentations: What are the repercussions for a seller who misrepresents the condition of the property?
- MichRIC Data Share Access
- Online Lead Generation
- Pre-Inspections Information
- Preferred Providers
- REALIST - Alternative to BSA
- Utilizing REALTORS PROPERTY RESOURCE® (RPR)
- Virtual Staging
- Well & Septic Resource Links by County
- West Michigan Well & Septic Inspection Guide
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How To
- "Sold Before Broadcast" Sales Credit on MLS
- Adding Files to Personal Template Folders in Dotloop
- Can you recommend a quick and easy way to identify schools near a listed property?
- Closing out a listing on FlexMLS
- Getting Reviews for Your Real Estate Business
- How to Get Sales Credit on MLS for FSBO Transactions
- How to Keep Important Emails Out of Gmail’s Promotions Tab
- How to Write a Great MLS Listing Description
- HOW TO: SentriLock One Day Codes
- Send a mass notification via Showingtime
- Set up a listing search for your clients on FlexMLS
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Forms & Terminology
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- Am I legally required to provide the listing agent/broker with a copy of my agency disclosure form or my exclusive buyer agency agreement?
- Am I required to use the Delayed Presentation of Offers Addendum with all listings?
- Are the sellers final signatures in paragraph 37 sellers receipt of the purchase agreement required in order for the agreement to be binding?
- At what point is an offer considered binding?
- Do I need to disclose that I am family of a seller or buyer?
- Does GRAR still offer a withdrawal agreement?
- Does the seller need to disclose on the Seller’s Disclosure Statement that a basement leaked two years ago, even though it was fixed?
- I am representing a buyer in a transaction where the agreed upon closing date is “on or before January 5.” My client is ready to close now and wants to schedule the closing date earlier than January 5, but the seller is refusing. Is the seller obligated to close at an earlier date?
- I am representing a buyer in the purchase of a home. The listing agent said that, by law, I am required to provide him with a copy of the agency disclosure statement I furnished to my buyer-client. Is this true?
- I am working in a designated agency office. Is it true that so long as I check “buyer agency” on the agency disclosure form, a buyer agency agreement is not necessary?
- I have a buyer who wishes to write an offer sight unseen. My broker mentioned that there is a form that I can use in these instances to confirm that I recommended a showing. Where can I locate that form?
- I received multiple offers on my listing and would like to summarize them when responding on behalf of my sellers. Is there a form to assist with that process?
- If a property is owned by an LLC, is it ok for the President of the LLC to sign the listing agreement?
- If a sale has fallen through, but a Mutual Release of Purchase Agreement hasn’t yet been signed, can the status of the listing be changed back to Active on the MLS?
- In a multiple offer situation, is there a form that will assist the listing agent in communicating which offer was accepted?
- Innocent & Intentional Misrepresentations: What are the repercussions for a seller who misrepresents the condition of the property?
- Is a Mutual Release Form (MR) for required in order for a transaction to be terminated?
- Is an addendum required when the seller calls for highest and best?
- Is the West Michigan Regional Purchase Agreement in conflict with state law as it relates to the timeframe for collection of the earnest deposit?
- Is there a form for referring a buyer to another agent?
- My buyer is agreeable to the seller maintaining possession for 30 days after close. Is that something that can be written into the purchase agreement?
- My buyer made an offer that the seller countered. Before we could respond, the listing agent sent me a text message stating that the seller was withdrawing the counter offer and going with highest and best. Can a counteroffer be withdrawn via a text message?
- My buyer wants to offer a non-refundable earnest money deposit to make his offer more attractive to the seller. Does GRAR offer an addendum for this purpose?
- My seller suffers from dementia and her daughter has power of attorney. Should the daughter fill out a Seller’s Disclosure Statement on her mother’s behalf?
- My sellers are not going to provide a Seller’s Disclosure Statement because they have never lived in the residence and have only used it as a rental. Is this proper?
- The 2024 West Michigan Regional Listing Agreement has some new checkboxes and fields in the Fixtures & Improvements Paragraph for the identification of rented items. Does that information also need to be disclosed on the MLS?
- What are other non-standard real estate forms that might be useful in helping me protect my clients?
- What are the disclosure requirements for learning a sex offender lives across the street from a listing?
- When is an offer considered binding?
- Who completes the Seller Disclosure Statement?
- Why does the Listing Agreement ask if the Seller is a US Citizen or a resident alien?
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- A Guide to Construction Types
- Administrative Processing Fee (Admin Fee)
- Best Practices: MLS Documents Verbiage
- Best Practices: Real Estate Document Clause Verbiage
- Buyer’s Agent
- Coming Soon Status - Q&A
- Compensation Fields in the Listing Agreement
- Delay of Submission to the MLS Addendum
- Delayed Offers Addendum
- Designated Agency
- Disclosure Requirements
- Dual Agency
- Dual commission arrangement
- Eco or Green Features
- Exclusive Agency Listing
- Exclusive agency listing
- Exclusive right to sell listing
- Implied buyer agency
- Paragraph #6 in the WM Listing Agreement
- Reserved Prospect "RP"
- Right of First Refusal
- Seller’s Agent
- Standard Forms in Spanish
- Tips when filling out the Seller Disclosure
- Transaction Coordinator
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