Q: If a realtor is representing both sides of the transaction do they have to be a transaction broker?
I looked at a house and the realtor of the seller asked me if I had a realtor I said no. He said if we use him he can save us some money. But on the contract he said he was a buyers broker and said he was looking out for us but the seller was his too. Doesn't he have to become a transaction broker and be neutral if he is representing both sides?
A:
The broker is violating the law. You may want to file a complaint with the state. Brokers can represent both side in specific circumstances, but there are a lot of limitations. You are correct, the broker must be neutral to "represent" both sides.The broker is NOT representing you, the buyer. Most brokers represent the seller (standard broker agreement), some can represent just a buyer (but not in a transaction where they represent both side).
I, personally, would never work with a broker representing both sides under any situation. DO NOT WORK WITH THIS BROKER.
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