Fiduciary duties can be defined under two categories - The duty of loyalty and the duty of care.  We, as real estate agents and brokers, render services, either intentionally through a written document, or unintentionally through our actions, that impose these duties.

As agents and brokers, we work under specific fiduciary duties that include:

• Loyalty
• Obedience
• Disclosure
• Confidentiality
• Reasonable care & diligence
• Accounting

By the very nature of our business, an agent's duty of loyalty compels us to refuse any work that is contrary to or in conflict with the best interests of our principle.  Buyers and sellers have distinct, competing interests when selling or buying real estate. 

Mainly, the buyer wants to purchase the property for the least amount of money, the seller wants to sell for the highest amount of money - which is a huge difference in goals. 

DUAL AGENCY:

While I completely understand the "pay-off" for agents and brokers who practice "dual agency" receiving both sides of the commission. I often wonder how this practice is agreed to by the "original" client or fiduciary, if in fact they are truly informed of the pitfalls and loss of benefits (i.e negotiations on their behalf (which is normally the main reason we are hired to "sell" a property in the first place), loyalty, and disclosure (a seller cannot be told by a dual agent that a buyer is willing to pay more for the property.).

While dual agency is allowed under law, it requires written disclosure before entering into such an arrangement, and informed consent. (Informed consent means they need to understand exactly what dual agency does and does not allow!)

Undisclosed dual agency is a violation of license law,  breach of an agents duty of loyalty, and is considered an act of fraud in many states.

I have always been of the belief that agents and brokers, buyers or sellers should avoid creating or consenting to any dual agency relationship. 

It appears that the only real benefactor of a dual agency relationship is the agent or broker who earns more money -

Case in point....

Back in the early 90's, when buyer and seller agency was a new concept, I listed a home for sale.  Not totally understanding or even thinking about the ramifications that could result in a "dual agency" situation, I received a sign call from a buyer to see the property.  I made the required agency disclosures to the sellers and buyers and showed the home.  The buyer's loved the house and wanted to write an offer.  I informed the sellers I would be writing an offer that evening. 

I met the buyers and wrote a cash offer - The offer almost $30,000 less than the asking price of the property, which we had priced to sell quickly - it was a good deal already - an easy sale.  During the meeting with the buyers, the husband said that they knew the property was worth the asking price but wanted to go in under asking.  If they countered, they were willing to come up in price - they really wanted this house.

What the buyers did not know was the sellers were making two house payments - one for the property I  listed and one on their "dream home" they built which had taken considerably longer to build and had run well over budget.  These folks needed to sell their home and quickly but for as much money as possible.

I met the sellers that evening to present the offer.  They asked me what they should counter.  I told them as a dual agent, I could not advise them on a counter offer price - they needed to make that decision themselves.  (They knew we had priced the home under value when we listed it for a quick sale.)

They wanted some time to discuss what they were going to do and they would call me.  Later that evening, I got a call from them - they were "afraid" to make a counter offer and lose the deal - they were accepting the contract as written! 

I felt a little sick to my stomach knowing the folks who hired me to market their home and to represent them ended up not being represented with one of the most important aspects of our job - their bottom line.  Sure, I sold the home, but I also knew what their situation was and I made double the money to NOT represent them!

I make it a point while explaining agency relationships to prospective clients that the person who hires someone to represent them should not agree to allow a "dual agency" relationship as a matter of general business practice for this very reason....

Anyone who knows me, knows I love to cook and grow my own herbs, fruit & vegetables.  I recently made these adorable, great tasting "mini blts" for a summertime get-together.  I had so many requests for the recipe, I thought I'd share it with you here so you can share it with your family & friends!

MINI BLT's

INGREDIENTS NEEDED:

About a 1/2 lb Bacon         Pint of Cherry Tomatoes      2 or 3 Green Onions, Cleaned   Fresh Parsley

1/2 C. Mayonnaise            Salt to Taste

 1. In a large skillet, cook about 8 slices of your favorite bacon. (I use the thick,maple-smoked slab bacon)  Cook until crisp.  Drain on paper towel & let cool.

Meanwhile...

Take about a pint of fresh, clean, cherry tomatoes; cut a tiny piece off the bottom so it will have a flat surface to sit up on the serving plate then cut the top off the cherry tomato. Use a small scoop or spoon and scrape the seeds and pulp.  Place the prepared tomatoes upside down on a paper towel to drain out any excess tomato juice while working on cleaning the rest of the tomatoes.

In a small bowl, combine bacon, green onions, mayonnaise, and salt to taste.  Stir until well mixed.  Using a small spoon, fill the hollowed cavity of each cherry tomatoes.  Garnish each tomatoe with a piece of parsley.  Chill in the refrigerator for at least 2 hours or overnight.

Enjoy!

This is an amazing way to save space in metropolitian areas that may be coming to a community near you in the near future!

Click on the link below to see this short video - It is amazing the ingenuity here!

http://www.woehr.de/en/projekte/budapest_m730/index.htm

At times, I forget just how lucky and blessed I truly am.  We, as Realtors, are in an industry that supplies people with a home, not just a house.  We sell houses our clients will grow into, grow old in, grow out of, watch their families grow, retire in, make and share memories in, both good and bad, a place they will make and call their home. Some clients require a bit more to accomplish finding that house to make their home.

 I recently worked with a family searching for a house who have a "special needs" or "handicapped" child.  We sat and discussed what their families needs were in a home, we prioritized their wants and needs, which,by the way were actually quite simple, yet we found difficult to find in our marketplace.

Looking for such a special property is not as easy as one would think. I made a few calls to make inquiry to a few very helpful organizations to provide me with some additional information on what a new home should have (in case we had over looked anything), and what would be required over time to ensure a property would provide for their needs in the future as well as their present needs. 

Finally, after numerous trips out looking at homes, we found two homes that met their needs.  One was a foreclosure that was not currently handicapped friendly but offered possibilities with modifications; The other home was already handicapped accessible, offered a handicapped friendly floor plan, baths, and an overhead track system had been installed. 

While there is no "perfect house", this home offered the most benefits for my "special" clients.  It took numerous trips to the property for measuring, having bids by contractors to make a few modifications, check on community services, etc. 

While servicing a "special needs" family, doing so reminded me how truly blessed I am to be in an industry that allows me to help a family find not just a house, but a special home for their truly special child; a home they can grow into, make memories in, and grow old in, together.

How cool is that? 

I had recently taken some photographs and thought I'd share this one! I noticed a strange visitor appeared in the photograph.  Can you find the un-welcome visitor? 

I sure am glad I did not walk into it!  From the size of it, I would have had a heart attack! 

Many real estate agents across the country deal with folks buying property that needs to undergo renovation or for investment as a rental property.  All owners and landlords of property built before 1978 need to be aware of this new law that goes into effect on April 2010 and the disclosure requirements. 

This new rule applies to paid contractors, home improvement contractors, painters, maintenance workers, and other specialty trades working in pre-1978 housing.  The rule applies to public or commercial buildings where children under the age of six are present on a regular basis, as well as ALL rental housing.  The rule applies to renovation, repair or painting activities.  It does not apply to minor maintenance or repair activity that affect less than 6 square feet of lead base paint in a room or less than 20 square feet on the exterior.  Window replacement is not minor maintenance or repair, per the rule. (Michigan Law is 2 sq ft of interior; 10 sq ft exterior)

The new rule, issued under the authority of section 402(c) (3) of the Toxic Substances Control Act (TSCA), requires that renovators are trained in the use of lead safe work practices, that renovators and firms be certified, that providers of renovation training be accredited, and that renovators follow specific work practice standards.

 The rule does not apply to: 

Minor repair and maintenance activities that disrupt less than 6 sq ft or less of painted surface per room for interior projects, or less than 20 sq ft or less of painted surfaces for exterior projects;

Renovations where it is determined the renovation will not involve lead base paint.

The determination that the components affected by renovation are free of lead-based paint can be made by a certified inspector or risk assessor, or by a certified renovator, using an EPA recognized test kit.

Owner-occupied housing where the owner is performing his or her own renovation work.

The new rule requires that a 7-day advanced delivery of the Lead Pamphlet via mail (need documentation with certificate of mailing from the post office), or otherwise you may deliver the pamphlet anytime before the renovation begins.  Note, however, the renovation must begin within 60 days of the date that the pamphlet is delivered.  Documentation of compliance is required.  Confirmation of receipt of the lead pamphlet or self-certification is required. 

NOTE: Contact your state for any additional requirements.

MORE INFORMATION & RESOURCES CAN BE FOUND AT:

Publicly available docket materials are available electronically at www.regulations.gov

The new rule can be accessed at www.epa.gov/lead

Lead Awareness Program Booklet:  http://www.epa.gov/lead/pubs/interiorfinal2.pdf

The lake front property spring market in Commerce Township, Michigan has begun!  Currently there are 31 active lake front listings for sale.  List prices range from $169,000 to $2,200,000. There have been 11 recorded sales of lake front homes in Commerce Township over the past 3 months (12/01/2009) show an average sale price of $269,582.The lowest sale price was $54,900 for a 576 square foot home on Bass Lake, and the highest sale price was $448,500 for a 3,255 square foot home on Fox Lake. 

Commerce Township, Michigan, is referred to as "The Lakes Area" due to the many inland lakes located here.  Some of the lakes located in Commerce Township are: Commerce Lake, Upper and Lower Proud Lake, Woodland Lake, Carroll Lake, Mud Lake, Fox Lake, Moss Lake, Union Lake, Round Lake, Glenwood Lake, Ellenwood Lake, Twin Lakes, Middle Straights Lake, Upper Straights Lake, Bogie Lake and the Huron River.

Commerce Township offers many fabulous recreational parks, including the Proud Lake Recreational Center and Campgrounds.  Proud Lake offers many recreational activities; hunting, fishing, canoeing, boating, swimming, trout fishing, camping, nature and ski trails. 

Living in Commerce Township offers you the feeling of "Up North" yet is located just minutes from I96, I275, I696, and M5 for easy commuting to Ann Arbor, Detroit, Lansing & Brighton.  Commerce Township is just minutes from 12 Oaks Mall, Costco, Meijers Thrifty Acres, Walmarts, Krogers, Home Depot, Lowes and Target.  There are plenty of dining venues to enjoy a quick meal or enjoy a dinner such as A Matter of Taste, Johnny Carinos, CJ Brewing Company, Uptown Grill, Pizza Hut, and Big Boys to name a few of the nearby eateries.  

Commerce Township is comprised of two highly rated school districts, Walled Lake Schools and Huron Valley Schools. Commerce Township's current homestead tax rates are $26.7094 for Walled Lake Schools and $28.1814 for Huron Valley Schools. 

Commerce Township makes a great place to live.  Commerce Township offers you beautiful, natural surroundings, plenty of lakes and parks, numerous shopping choices, great access to major expressways for easy commuting, affordable housing and lower township taxes - If you are considering moving, consider Commerce Township, one of Michigan's Secret Jewels!