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DID YOU KNOW??
In Colorado, all licensed real estate agents are known as brokers. A broker can represent a party to a purchase transaction in one of three ways:
Buyer’s Agent: A buyer’s agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the buyer. The buyer’s agent must disclose to potential sellers all adverse material facts actually known by the buyer’s agent including the buyer’s financial ability to perform the terms of the transaction and if a residential property, whether the buyer intends to occupy the property. A separate written buyer agency agreement is required which sets forth the duties and obligations of the broker and the buyer.
Buyer’s Agent: A buyer’s agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the buyer. The buyer’s agent must disclose to potential sellers all adverse material facts actually known by the buyer’s agent including the buyer’s financial ability to perform the terms of the transaction and if a residential property, whether the buyer intends to occupy the property. A separate written buyer agency agreement is required which sets forth the duties and obligations of the broker and the buyer.
Seller’s Agent: The seller's agent (or listing agent) works soley on behalf of the seller and owes duties to the seller which include utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the seller. The seller’s agent must disclose to potential buyers all adverse material facts actually known by the seller’s agent about the property. A separate written listing agreement is required which sets forth the duties and obligations of the broker and the seller.
Transaction-Broker: A transaction-broker assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, fully informing the parties, presenting all offers and assisting the parties with any contracts, including the closing of the transaction without being an agent or advocate for any of the parties. A transaction-broker must use reasonable skill and care in the performance of any oral or written agreement, and must make the same disclosures as agents about all adverse material facts actually known by the transaction-broker concerning a propertyor a buyer’s financial ability to perform the terms of a transaction and if a residential property, whether the buyer intends to occupy the property. No written agreement is required.
A seller agent is required to represent the seller's best interests by selling the property under the terms most favorable to the seller.
A buyer agent is required to represent the buyer's best interests by finding the right property for the buyer under the terms most favorable to the buyer.
A transaction broker represents neither the buyer or the seller. This is a brokerage relationship that should be avoided. If your Realtor attempts to establish this relationship with you, be wary. Ask questions, make sure you understand, and protect yourself because a Transaction Broker won't (can't) protect you. Beware of the transaction broker who claims to represent you. They do not, it's the law!
At Keller Williams, we are a full service brokerage, but we encourage our clients to have us represent them as either the buyer agent or seller agent, so we can fully protect our clients. Yes, it puts more liability on our company, put isn't that why you hire a professional?
A buyer agent is required to represent the buyer's best interests by finding the right property for the buyer under the terms most favorable to the buyer.
A transaction broker represents neither the buyer or the seller. This is a brokerage relationship that should be avoided. If your Realtor attempts to establish this relationship with you, be wary. Ask questions, make sure you understand, and protect yourself because a Transaction Broker won't (can't) protect you. Beware of the transaction broker who claims to represent you. They do not, it's the law!
At Keller Williams, we are a full service brokerage, but we encourage our clients to have us represent them as either the buyer agent or seller agent, so we can fully protect our clients. Yes, it puts more liability on our company, put isn't that why you hire a professional?
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