They merely facilitate the buyer’s offer. This doesn’t include giving advice on what to bargain for in a multiple-offer scenario. The transaction broker helps the buyer prepare an offer on the house, but as a neutral party. Again, transaction brokers are legally neutral and are therefore only helping to facilitate the transaction, not solely represent the buyer. The transaction broker is as skilled in the buy side of a transaction as a buyers agent would be, but it is not their legal duty to only represent the buyer. What is the difference between a transaction broker and a buyer’s agent?

Assists with closing for both the buyer and the seller.

Coordinates the transaction from accepted offer to closing with both the buyer and the seller.

Writes the contract to buy and sell for both parties.

Facilitates buyer-seller communication, since they are a neutral agent.

Helps the seller determine a competitive list price, similar to what a seller’s agent does in this situation.

Helps the buyer prepare an offer on a house, similar to what a buyer’s agent does in this situation.

The transaction broker is responsible for coordinating details, rather than negotiating between the buyer and seller. But rather than individual representation, the transaction broker is an assistant to the transaction for both parties equally. The transaction broker is bound by the same legal and ethical standards as a real estate agent representing individual buyers and sellers. Quite the opposite, a transaction broker does not represent either party. Dual agency involves an agent or broker that represents both parties simultaneously. If the buyer wants the agent to work intentionally on their behalf as a buyer’s agent, then they must sign an agency agreement with their real estate agent.Ī transaction broker is also not considered a dual agent. The role and purpose of a transaction brokerage can vary from state to state, and not all states allow transaction brokers. They can assist both the buyer and the seller in a transaction, acting as a mediator between both parties to the deal. This differs from a traditional real estate agent because the transaction broker is legally neutral. The basic definition of a transaction broker is a third-party that offers real estate services to buyers and sellers. So, let’s talk about what a transaction broker does, and when using one can benefit your personal real estate transaction. Many people are confused about what a transaction broker actually is. In many states recently, transaction brokers have started to appear as one of many alternatives to buyer’s and seller’s agents for real estate services.

Although, you might not understand entirely what each does for their respective parties. Most people looking to buy or sell a house have an idea of what a buyer’s or seller’s agent is.

Who pays transaction broker fees