Quote:
Originally Posted by eremite06
The "transaction broker," I feel, is an agency relationship that is a disservice to the customer. You don't even have to disclose it. The licensee can provide limited representation to a buyer, a seller, or both in a real estate transaction. He/she does not represent either in a fiduciary capacity. These laws of agency have evolved to suit more the licensees than the customer over the last 30 yrs. that I've had my broker's license. I think it's due to the lobbying efforts of NAR.
The transaction broker's duties do include:
Dealing honestly and fairly
Accounting for all funds
Using skill, care, and diligence in the transaction
Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer
Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensees otherwise in writing
Limited confidentiality, unless waived in writing by a party
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And who do you think the developer represents in all of their transactions? They work as a single agent for the seller of the new home which is themselves or the preowned which is a homeowner. They never ever have any representation for the buyer. When you as a buyer sign the contract with the developer you will sign a no representation paragraph that says they owe you nothing because they represent the seller at all times. So the MLS realtors at least owe you more while working as a transaction broker. All MLS realtors can represent the buyers as exclusive buyers agents if you asked them to do so. They also can represent the seller exclusively as a single agent with the broker's permission. But the end of the story is you need to work with a sales rep and an MLS realtor to see all the listings here. The title company never represents either party in the transaction. But the buyers can choose the title company if they want to pay for the title insurance themselves if working with a MLS Realtor. The MLS realtors majority do not have sour grapes because they cannot sell the new homes. Most of them make extremely good money selling strictly in The Villages! But as it was stated there are great Sales Reps and great MLS Realtors!