Evergreen and Conifer Colorado Real Estate .::. BUYER REPRESENTATION INFORMATION .::. Claudine Pardi

Direct: 303-697-6866
Toll Free: 800-831-0416

Agency Relationships in Colorado

The Colorado Real Estate Commissions defines the following as the different agency relationships a buyer or seller can have with a real estate agent.

Buyers Agent:

Works solely on behalf of buyer to promote the interests of the buyer with utmost good faith, loyalty and fidelity. Negotiates on behalf of and acts as an advocate for the buyer. The buyers agent must disclose to potential sellers all adverse material facts actually known by the agent including the buyers financial ability to perform the terms of the transaction and whether or not the buyer intends to occupy the property. A written agreement is required.

Transaction Broker:

Assists the buyer or seller or both throughout a real estate transaction by performing terms of any written or oral agreement, full informing the parties, presenting all offers and assisting the parties with any contracts, including the closing without being an agent or advocate for any of the parties. No written agreement is required.

Sellers Agent (listing agent):

Works solely on behalf of the seller to promote the interests of the seller with utmost good faith, loyalty and fidelity. Negotiates on behalf of and acts as an advocate for the seller. The sellers agent must disclose to potential buyers all adverse material facts actually known by agent about the property. A written agreement is required.

Customer:

A party to a real estate transaction with the broker has no brokerage relationship because the party has not engaged or employed the broker either as a buyers agent or a transaction broker.

Keep in mind, every real estate broker owes these duties to their home buyer: loyalty, diligence, confidentiality, obedience, full disclosure, accounting and care. This is defined by state law. A buyers agent will also share valuable information with you (if the agent knows it of course) such as: if the seller would accept a lower price, the sellers reason and timetable for selling, strengths and weaknesses of a property, etc.

If you want an agent to represent your best interests who can help in evaluating a property, especially if your new to the area, you need to enlist a Buyers agent.
If your Buyers agent is also the listing agent on the house that you want to buy, the agent most likely will act as a transaction broker for both parties. Be sure to ask about this before signing a Buyers agency agreement. (If the agent intends to remain an agent for the Seller, you then would be considered a customer and have no Buyer representation.) The agent is still required to provide complete disclosure and due diligence. But the agent may not disclose personal information (like how much you are willing to pay or how low the seller would be willing to sell) to the other party.
There is typically no fee to use a Buyers agent. In most cases the seller pays the fee through the commission their agent shares with your agent.