Our final post of this series is about the CIS – Transaction Broker. Previous posts have discussed the other types of representation, Buyer’s Agent, Seller’s Agent and Dual Disclosed Agent.
The Transaction Broker
This representation is different from the other types. A transaction broker works with a buyer, a seller or both in the sales transaction. However, the transaction broker doesn’t represent anyone. Additionally, the transaction broker doesn’t promote any party’s interests over any other’s interests. These agents are required to treat all parties honestly. However, they’re not required to keep any information confidential. In my definition, a Transaction Broker works to help all parties come to a mutual agreement. Additionally, the Transaction Broker works to manage the transaction to facilitate the closing of the agreement. Furthermore, the Transaction Broker cannot advise either party on how to gain an advantage over the other party.
You should sign a written agreement if you’re a seller working with a Transaction Broker. This document should clearly state exactly what services will be provided. This agreement will also spell out exactly how much and when these services will be compensated.
As I’ve previously stated, I’m not an attorney. Please seek legal information from your own attorney. However, if you don’t have a copy of the CIS, please contact me. I’ll be glad to send one to you.
When you’re ready to either buy or sell a home, please contact me. We can help you through the process.
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