Seller’s Agency versus Transaction-Broker
When it’s time to sell your home, there are a couple of terms you should be familiar with:
The technical definition of a Transaction-Broker is:The technical definition of a Seller’s Agency is:
A seller’s agent works solely on behalf of the seller and owes duties to the seller, which include the utmost good faith, loyalty, and fidelity. The agent will negotiate on behalf of and act as an advocate for the seller. The agent must disclose to potential buyers or tenants all adverse material facts about the property actually known by the broker. A separate written listing agreement is required which sets forth the duties and obligations of the broker and the clients.
A transaction-broker assists the buyer or seller or both throughout a real estate transaction with communication, advice, negotiation, contracting and closing 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 adverse material facts concerning a property or a buyer’s financial ability to perform the terms of a transaction and whether the buyer intends to occupy the property. No written agreement is required.
Bottom line. whichever agency you and Steve chose, Steve’s experience and know-how will help you get the most money for your property with the least amount of time on the market.