In some states, transaction brokers are required by law to disclose their status to both parties and to obtain their consent before acting as a transaction broker. Are transaction brokers legal?Ī transaction broker is a type of real estate broker that assists buyers and sellers in negotiating the purchase or sale of real estate. If you are considering buying or selling a home, a transaction broker may be a good option. In addition, transaction brokers can often save both parties time and money by helping to negotiate the terms of the sale. While they do not provide the same level of representation as a traditional agent, they can still be very helpful in guiding buyers and sellers through the process. Instead, the transaction broker works as a facilitator to help both parties reach an agreement. What does a transaction broker do?Ī transaction broker is a type of real estate agent who assists buyers and sellers in completing a real estate transaction without representing either party. While transaction brokers simplify the buying or selling process, it’s essential to seek guidance from a trusted real estate agent or attorney to ensure your best interests are protected. In certain states, transaction brokers are referred to as affiliated business arrangements or third-party service providers. Transaction brokers assist with negotiating sale terms, handling paperwork, and providing market information and property comparisons. Instead, their focus is on the transaction itself. Unlike traditional agents, transaction brokers do not represent either party and lack a fiduciary duty. A transaction broker is a real estate professional who facilitates real estate transactions for both buyers and sellers.
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