Some basic items you need to know about
Real Estate in Colorado...
What is a Seller Agency?
A seller's agent (or listing agent) works solely on behalf
of the seller to promote the interests of the seller with the utmost good
faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an
advocate for the seller. The seller's agent must disclose to potential buyers
all adverse material facts actually known by the seller's agent about the
property. A separate written listing agreement is required which sets forth
the duties and obligations of the broker and the seller.
What is a Buyer Agency?
A buyer's agent works solely on behalf of the buyer to
promote the interests of the buyer with the utmost good faith, loyalty and
fidelity. The agent negotiates on behalf of and acts as an advocate for the
buyer. The buyer's agent must disclose to potential sellers all adverse
material facts actually known by the buyer's agent including the buyer's
financial ability to perform the terms of the transaction and if a residential
property, whether the buyer intends to occupy the property. A separate written
buyer agency agreement is required which sets forth the duties and obligations
of the broker and the buyer.
What is a Transaction Brokerage?
A transaction-broker assists the buyer or seller or both
throughout a real estate transaction by performing terms of any written or
oral agreement, fully informing the parties, presenting all offers and
assisting the parties with any contracts, including the closing of the
transaction without being an agent or advocate for any of the parties. A
transaction-broker must use reasonable skill and care in the performance of
any oral or written agreement, and must make the same disclosures as agents
about all adverse material facts actually known by the transaction-broker
concerning a property or a buyer's financial ability to perform the terms of a
transaction and if a residential property, whether the buyer intends to occupy
the property. No written agreement is required.
Click on the link below to view Definitions provided by the Real Estate
Commission of Colorado. Adobe Acrobat
is required to view them.
Real Estate Disclosures
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