Mich. Admin. Code R. 125.1409 - Retailer acting as broker; responsibilities
Rule 409.
(1) A
retailer acting as a broker who obtains a home listing shall give a true copy
of the listing agreement to the listing homeowner . A listing agreement shall be
completed by the retailer acting as a broker before it is signed by the listing
homeowner .
(2) A listing agreement
shall set forth an expiration date. A listing agreement shall not contain a
provision requiring the listing homeowner to notify the retailer acting as a
broker of the listing homeowner 's intention to cancel the listing on or after
the expiration date.
(3) A retailer
acting as a broker shall deliver to an offer or a signed copy of the offer to
purchase immediately after it is signed by the offer or. Upon receipt of the
written offer to purchase, a retailer acting as a broker shall promptly deliver
the written offer to purchase to the seller. Upon obtaining a proper acceptance
of the offer to purchase that is signed by the seller, the retailer acting as a
broker shall promptly deliver true copies of the acceptance to the purchaser
and the seller. A retailer acting as a broker shall certify, in writing, that
all conditions of the home transaction are included in the offer to
purchase.
(4) A retailer acting as
a broker who is involved in the consummation of a home transaction shall
furnish the buyer and seller with a complete and detailed closing statement
which is signed by the retailer acting as a broker and which shows all receipts
and disbursements of the transaction .
(5) A retailer acting as a broker shall not
close a home transaction contrary to the terms or conditions of the offer to
purchase, unless the written amendments are approved and signed by the
purchaser and the seller.
(6) A
person seeking an exclusion to the definition and rules of a retailer shall
show proof of the exclusion.
(7) In
addition to accounts and records prescribed by these rules , a retailer acting
as a broker shall retain copies of all of the following for a period of 4
years:
(a) Listing agreements.
(b) Offers to purchase.
(c) Validated receipts for applications for a
certificate of manufactured home ownership .
(d) Closing statements.
(e) Leasing agreements.
(f) Consumer deposit accounts and
records.
Notes
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