Transaction brokers can also be of great help to sellers. Here are just a few of the things that a transaction broker can help you out with as a buyer: This neutral advice and assistance can apply to many different parts of the property transfer process. So they can give neutral advice and assistance to both parties. This means that when an agent is acting as a transaction broker, they are not invested in the deal at all. The key difference between the two is that a transaction brokerage represents neither party. Because of this, the real estate community usually accepts that they can't really keep both parties best interests in mind simultaneously – despite their best efforts. A dual agent represents both the buyer and the seller in a real estate transaction. This is because there is one key difference between a dual agent and a transaction broker. If a transaction broker is someone to who is assisting both the buyer and the seller of a home, how is that legal? Isn't that the same thing as a dual agency? When learning about transaction brokers, maybe people are initially confused. If the buyer wants the agent to work intentionally on their behalf as a buyer's agent, then they must sign an agency agreement. For example, in the state of Colorado, if a buyer does not sign an agency agreement with an agent, then the agent is automatically just a transaction broker.

The role and purpose of a transaction broker can vary from state to state. Instead, they can give both parties information and advice. Technically, they do not represent either the buyer or the seller. What is a transaction broker?Ī transaction broker is a mutual resource in a real estate transaction. Here's everything you need to know about working with a transaction broker. But what does a transaction broker actually do? And how do you know if they're a good fit for your needs?

While most tend to turn to Realtors for assistance, you can also partner with a transaction broker.Īlthough less common than typical agents, these can be a less costly alternative in certain situations. There are many different people who can help you successfully buy or sell a home.