There is No Implicit Confidentialityīecause the transaction broker does not represent either client, any information shared with the agent may be made public. Therefore, when using a transaction broker, clients must negotiate on their own if they want a better deal. A transaction broker is a neutral party and therefore, will not attempt to influence the sales price in any way beyond suggesting a competitive market value for the property. One of the benefits of hiring a real estate agent is that they can negotiate on your behalf to secure a better deal. Transaction Brokers Do Not Negotiate for A Client Here are some of the most important differences between a transaction broker and a traditional buyer or seller's agent. hash-mark Key Differences between a Transaction Broker and a Buyers/Seller’s Agent While you can find transaction brokers in approximately 30 states, you'll most commonly see them used in states like Florida and Colorado, which were some of the first states to legalize transaction brokers. Transaction brokers are legal in most states, but not all. That being said, in some states, such as Florida, dual agency is illegal and transaction brokers have essentially replaced dual agents. This means he or she takes on the responsibilities of a transaction broker and will also act on behalf of both clients to negotiate favorable terms. A dual agent represents both the buyer and seller. Keep in mind that a transaction broker is not the same thing as a dual agent.
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