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Brokerage Disclosures and Buyer's Agency

Colorado has a brokerage disclosure (we're all brokers in this state) and they have a buyer's agency, which includes transaction broker.

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  • The brokerge disclosure is just a disclosure of how we can work with and represent the general public. It's required by my firm. And it or the buyer agency agreement is required with all contracts.
  • The buyer agency agreement provides us with exclusivity that the client will work only with us. Within the buyer agency is an option to work as a transaction broker.
  • A transaction broker facilitates the deal. If you represent the seller and bring the buyer, you'll need the seller's permission to become a transaction broker. It's a middle road between the two parties. You can not disclose confidential information to either party.

I automatically provide the brokerage disclosure to ever client that gets into my car. I won't drive away with their signature on it. It's my protection! And I also give them a copy of the buyer agency and tell them that I'd like to go over it with them and have them sign it the next time we are together.

So, after I've explained it to you, and given you your own copy to review, it needs to be signed. This document protects me and my commission. But, more importantly, it protects me from the law. And it allows me to advocate for you completely and totally. I am, then, YOUR agent.

Here's my question: If you can't sign the buyer agency because you don't understand it or want your attorney to see it, how will you ever trust me to write a purchase contract???

Do you want to buy a house or do you just like spending time with me in the car??? So sign it, and let's find the home for you now...before the rates start climbing up, again.

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Marianne Snygg, GRI, ABR, ASP
Broker Associate
ERA Herman Group Real Estate

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Colorado Springs and Monument Real Estate

Comment balloon 2 commentsMarianne Snygg • May 09 2009 04:05PM

Comments

Your approach seems logical to me and I agree with the timing.  I won't continue showing homes to a prospective buyer after the first time out, unless a Buyer's Agency Agreement has been signed.

Posted by Tom Boos, Providing the very best of service to Sellers and (Sine & Monaghan Realtors, Real Living) over 10 years ago

Tom: Thanks for stopping by, and confirming my thinking on this.

Posted by Marianne Snygg, ABR, ASP, GRI, SFR (ERA Herman Group Real Estate) over 10 years ago

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