Real estate companies have agents and brokers who act as the representatives of the sellers and the buyers in every aspect of the transaction that is taking place as far as the property of the real estate is concerned. The broker has the freedom of working independently whereas the agent must work with the licensed broker in representing the clients. This move aims at promoting the transparency at all cost in whatever transaction of the real estate property. Brokers and the agents obtain the license from the state to represent the clients in the negotiation sales of the property. It also manages the documentation of the agreement of the transaction of the real estate. There are some of the countries where the brokers are the members of the trade associations. As a member of these organizations, they usually work under the ethics that are beyond the legal requirements for the interest of the clients. Buyer and the sellers of the real estate are advised to make their consultation through the right professional of the real estate. There also should be written disclosure that is signed by the two parties that are involved in transactions.
There are four categories of real estate brokers. These include the seller’s agent, buyer’s agent, dual agent, and the transaction brokers. The seller’s agents are the one that is contracted by the owners of the property to aid them in the marketing of the property or leasing. The broker’s agents are the one that helps the buyer in negotiating for the price or the purchase of the property. The function of the dual agent is to assist both the buyer and the seller who are in the same transaction. In this scenario, the broker owes the two sides, the buyer and the seller, fairness, and honesty. There are special laws that apply to the dual agents on the matters of the negotiation of the property’s price. Generally, in the transaction that involves the dual agency, conflict of interest can occur. Most real estate agent olathe ks agencies have created their website where the clients can access all the information and get them with ease.
Transaction broker is the person that represents the buyer and the seller but with some limited representation and without any obligations. They usually carry out their duties without siding either of the parties that are involved in the transaction. There is a specific commission that is given to the real estate broker after the complete and successful sale of the property. The commission depends on the value of the property. The commission can also be shared by the brokers who were participating in the process of property sale. What is of essence is the written document of agreement between the seller and the buyer and also between the broker and the client. Oral agreements are not advisable in the sense that in case of any arising disputes there will be no documentation supporting the approval of the two sides. Brokers and the agents are playing a critical role on the matters of the transaction of the real estate property.