As the process of selling or buying a home is initiated, a Client/Realtor relationship will be established which will guard both the seller and the buyer through the sale or purchase of a home. Here are the Definitions of Working Relationships that have been established and approved by the Colorado Real Estate Commission:Seller’s Agent: A seller’s agent (or listing agent) works solely on behalf of the seller to promote the interests of the seller with the 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.
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.
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 property or 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.
Customer: A customer is a party to a real estate transaction with whom the broker has no brokerage relationship because such party has not engaged or employed the broker, either as the party’s agent or as the party’s transaction-broker.
In Summary:
- The Seller’s or Buyer’s Agent are required to act as an advocate for their Client
- The Transaction-Broker assists the buyer or seller or both in processing the sale and facilitates communication between and among all parties. The New Era Group requires that agents can act only as Transaction-Brokers when processing both sides of a contract. This would be most common when a Listing Realtor brings a Buyer he or she had found for the purchase of the home.
- A Customer is an individual who has no brokerage relationship with a Realtor. This individual is on their own in terms of fulfilling their obligations regarding the sale or purchase of the property.
Buying a New Built Home – You Should have Your Own Realtor
An important thing to remember when purchasing a new built home is that you should hire your own Realtor. The Realtor will be a Buyers Agent acting as your advocate in the purchase – the on-site Builder Representative is an advocate for the builder, not you. Further, a Realtor can often get you concessions that you, as an individual cannot obtain because the Realtor has the potential to bring other buyers in the future and builders recognize this. Further, the builder will pay your agent (and you won’t) – to serve your needs. As a further consideration, your agent can help you work through the lending process too.
A good relationship with your realtor starts with trust, and we take that very seriously. We make sure to keep the information you provide to us private and secure. We do not share your information outside of our company and only use it to contact and assist you. Learn more about what to expect from your real estate agent here.
Your privacy is important to us, and maintaining your trust and confidence is one of our highest priorities. We respect your right to keep your personal information confidential and understand your desire to avoid unwanted solicitations. For more information on working relationships with our clients, please contact us.