MI HB5227

Requires real estate licensees to enter into a written buyer agency agreement disclosing compensation amount or rate before assisting a buyer in developing or negotiating an offer or counteroffer

Establishes that prospective buyers working with a licensee are considered customers (not clients) until signing a written buyer agency agreement, and agency relationships cannot be created orally or by implication

Exempts seller's agents and transaction coordinators from the written agreement requirement when preparing offers according to an unrepresented buyer's instructions

Changes terminology throughout the statute from "purchaser" to "buyer" and makes minor grammatical updates

Takes effect only if House Bills 5228 and 5229 of the 103rd Legislature are also enacted into law