Q: My realtor sent me a transaction brokerage disclosure. Should I hire another realtor to represent me?
Well, that depends on your personal preferences. I personally like my broker only acting in my best interest but acknowledge there are times where it is appropriate for the broker to help both sides. A transactional broker acts more as a neutral 3rd party helping both sides in a transaction. Whereas a buyer’s or seller’s agent only represents one side. You need to be aware that the duties owed to a client by a buyer or seller’s agent may not be the same as the duty owed for a transactional broker to their clients. You should talk to your agent about the differences. If you really want to do your research, call an attorney and/or there is allot of free information on the Colorado’s Division of Real Estate’s Website.
In addition, you should ask your agent 1) why they need to switch roles from a buyer’s or seller’s agent to a transactional broker; 2) are you liable if you fire them and hire someone else for commissions; and 3) any other related questions that you feel are important to know. If you agent refuses to answer then you have a separate problem. Either way, I think you should have a conversation with your agent and go from there.
Please be aware that any answer is based on all the events occurring in Colorado. Further, please be aware that this is not legal advice. This is generic information intended to help the reader develop questions to ask an attorney when they are ready. Each case is different. Anyone reading this answer in need of legal advice should contact an attorney.
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