Who is on your real estate team? Learn more about the different parties involved in a real estate transaction and what their specific roles are so you can choose the right team for your real estate journey.
{Click here to download the Home Buyers Guide}
What is an Agent?
An agent is someone who performs specific tasks for someone else. In real estate, that means an agent performs tasks only in the field of real estate in which he continuously educates him or herself and is able to guide his clients so that they may reach their real estate goals.
Related Reading: Steps to Buy a Home
What is an Agency?
Agency is a legal relationship resulting from an agreement between a “principal” (buyer OR seller) and an agent (also called broker). The broker will advise the principal and perform some acts for the purchaser or seller. In Colorado, this agency relationship has to be established in writing. You are basically hiring an agent to represent your interests in a real estate transaction. In this ‘agency’, the real estate professional has very specific duties depending on the agency they were contracted to perform.
Related Reading: Making the Offer
What is a Transaction Broker?
A transaction broker represents neither the seller NOR the buyer. Their job as a transaction broker simply requires them to be fair and honest with both parties so they can achieve an agreement that is mutually acceptable. Real estate options will be objectively displayed to each party of the transaction who then will make their decision. While there are no fiduciary duties to the involved buyer nor seller, confidentiality is still part of the transaction and the agent may do nothing to the disadvantage (or advantage) to either party of the contract.
Related Reading: First Time Buyer Mistakes
Buying or selling a house: isn’t it one of the biggest purchases in your life?
Why not hire a professional to advise you, regardless of whether you buy or sell? As a your agent I advocate for your best interests, cover specific fiduciary responsibilities, and provide all the information you’ll need in order to make an educated decision. You have an ally that only plays on one team: YOURS. Email me (susanna@co-regroup.com), call (719) 321-0800, or click the picture below to download our Home Buying Guide.
==> Why a pre-approval from a local lender gives you the power.
Resources:
- The Division of Real Estate explains Brokerage Relationships.
- Find all real estate contracts for the State of Colorado
