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How Is Your Agent Representing You?

Posted by Susanna Haynie on May 20, 2013
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Buyers Agency, Sellers Agency There are several ways that you can be represented in a real estate transaction: If you are selling a home then a sellers agent could help you, as a buyer a buyers agent would assist you, however in either transaction (sale or purchase) the same broker could also act as a transaction broker.  Find details in your Colorado listing contract to buy or sell but also in the specific form “Definitions Of Working Relationships”.

 Here is a short explanation:

 Buyers Agency:

  • A buyer’s agent works solely on behalf of the buyer
  • A buyer’s agent promotes the buyer’s interest with the utmost good faith, loyalty and fidelity (observing fiduciary duties to the buyer)
  • A buyer’s agent must disclose to potential sellers all adverse material facts actually known by the buyer’s agent ie. buyer’s financial ability to perform
  • Duties and obligations are explained in a separate written agreement.

 Sellers Agency:

  • A seller’s agent works solely on behalf of the seller
  • A seller’s agent promotes the seller’s interest with the utmost good faith, loyalty and fidelity.(observing fiduciary duties to the seller)
  • A seller’s agent must disclose to potential buyers all adverse material facts actually known by the sellers agent about the property.
  • Duties and obligations are explained in a separate written agreement.

Transaction Broker:

  • A transaction broker assists
  • the buyer OR
  • the seller OR
  • the seller AND buyer
  • TB assists without being an agent or advocate for any parties. However, a TB still has to
  • use reasonable skill and care in the performance of any oral or written agreement
  • must make same disclosures as agent about all adverse material facts actually known by the TB to all parties
  • no written agreement is signed

 Regardless, which relationship you chose for your transaction as a REALTOR® it is my obligation AND privilege to treat all parties honestly and with care. (REALTOR – NAR Code of Ethics)

 Please seek legal counsel if you are not sure about the meaning or consequences of the agreement.

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