Agency Relationships
It´s important to understand what legal responsibilities I have to you and to other parties in the transaction.
Seller's representative (also known as a listing agent)
A seller's agent is hired by and represents the seller. All fiduciary duties are owed to the seller. The seller undertakes to pay his agent as well as the Buyers Agent a fee to close the transactionThe agency relationship usually is created by a listing contract.
Buyer's representative (also known as a Buyer´s Agent)
A buyer´s agent is hired by prospective buyers to represent them in a real estate transaction. The buyer's rep works in the buyer's best interest throughout the transaction and owes fiduciary duties to the buyer. The buyer can pay the licensee directly through a negotiated fee, or the buyer's rep may be paid by the seller or through a commission split with the seller´s agent.
Nonagency relationship (called, among other things, a Transaction Broker)
Colorado permits a real estate licensee to have a type of nonagency relationship with a consumer. Very generally, the duties owed to the consumer in a nonagency relationship are less than the complete, traditional fiduciary duties of an agency relationship
Remember, if you have any questions about the process, I'm only a phone call or email away!
|
Sallyanne Holmes - GRI
A Licensed REALTOR ® in the State of Colorado |
Merit Co Inc
6120 Tutt Blvd
Colorado Springs, CO 80923 |
Cell: (719) 660-0622
Business: (719) 596-7800
Fax: (719) 596-1784 |
Email: Sallyanne@homesforsaleco.com |
