In essence, they assist whomever they’re bound to in the contract and ensure adherence to the state’s real estate laws. real estate agentīoth a real estate agent and a transaction broker are bound by the same legal and ethical standards. To emphasize, the transaction broker does not provide any advantages to either the buyer or seller. Coordinating the process from the accepted buyer’s offer to the closing process.Creating the contract to purchase and sell the property for both parties.Facilitating communication between both the buyer and seller.Assisting the buyer in preparing an offer on a house, like a buyer’s agent.Assisting the seller in coming up with a competitive listing price for their home, much like a seller’s agent.More specifically, here are some tasks transaction brokers are responsible for: Instead, this professional coordinates details like the signing of documents instead of negotiating between both parties. In general, though, the transaction broker holds the same ethical and legal standards as traditional real estate agents who represent individual sellers and buyers. The specific role and purpose of a transaction broker may vary depending on where you live-not all locations have or allow transaction brokers. They act as a mediator between the buyer and seller, assisting both to complete the real estate deal. The transaction broker legally has to be neutral-they do not take sides like traditional real estate agents ![]() ![]() Real estate transaction broker definitionĪ real estate transaction broker is a third-party entity that offers real estate services to home buyers and sellers. Instead of paying a commission to a traditional real estate agent to help you sell or locate a suitable property and arrange all the legal paperwork, a transaction broker acts more like an assistant or counselor.įor prospective buyers and sellers, understanding what is a transaction broker may determine whether you should hire one for your needs. More recently, home buyers and sellers are also turning to transaction brokers as well. Those looking to buy or sell a house tend to go with either a buyer’s or seller’s agent to conduct the real estate transaction.
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