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Home » Sales Agents » Transaction Broker

Transaction Broker
Transaction Broker is another important player in the real estate sales transaction services. A transaction broker is one who works and interacts with the buyer and the seller or both parties in the transaction but is not a representative of the either party. It should be noted that a transaction broker is not responsible for the promotion of the interests of any one party over those of the other party for the transaction. The brokerage firms acting as transaction brokers is required to take care for all parties in a honest way and at the same time act in a competent way. The main difference between the work procedure of the transaction broker and a disclosed dual agent is that the former need not be required to maintain confidentiality regarding any information on or about the parties.
A transaction broker can identify qualified buyers required for a seller or suitable real estate properties for a buyer. After this they can work with both contending parties with the purpose of arriving at a common agreement on mutual consent regarding the selling or renting the real estate. The transaction broker then provides valuable services till the closing of the sales transaction.

The transaction broker is actually the manager of the sales transaction. The brokerage firm acting as transaction broker communicates information between both the parties and in the process assists them to reach at an agreement based on mutual consent. They also offer their services throughout till the closing of the transaction. However, a transaction broker is not allowed to advise or counsel neither the buyer nor the seller on how to achieve an advantage at the cost of the other party. It is necessary for the owners of the real estate properties who are working with transaction brokers to sign a written agreement with the brokerage firm.

The anecdote should clearly state the nature of the services that respective firm will conduct and the nature of the payment. There should also be another agreement with the other party of the transaction, i.e., the seller specifically stating whether the property to be sold will or will not be notified to any or all Multiple Listing Systems of which that brokerage firm is a member. A Transaction Broker is not responsible for performing fiduciary duties to any party but must follow the law honestly and at the same time perform according to professional and ethical standards. Transaction brokerage has been gaining popularity over dual agency and sub-agency in many parts of the world like in Florida and Colorado where these forms of real estate sales transaction relationships have ceased to exist.

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