If you are a Katy homebuyer or Katy home seller, it is my duty to explain how brokerage services work, and what we will do for you. Texas law actually requires this, but as your Katy real estate agent, I want to share with you anyway, so you can be as informed and confident as possible going into the home-buying or home-selling process!
First off, to help you understand what a broker is, a broker is responsible for all brokerage activities, which includes all acts performed by the real estate agents sponsored by the broker. The real estate agent must be sponsored by a broker and works with the clients, the sellers or buyers, on behalf of the broker.
A broker’s duties include:
- Always putting the interests of the client above all others
- Informing the client of any material information about the property or transaction received by the broker
- Answering the client’s questions about presenting any offer to or counter-offer from the client
- Treating all parties involved in a real transaction honestly and fairly
- A license holder can also represents a buyer or seller during a real estate transaction.
If representing the seller or landlord: The broker becomes that person’s agent through a written listing or property management agreement. An agent must perform the broker’s duties mentioned above and must inform the owner of any material information about the property known by the agent. This includes information disclosed to the agent by the buyer or buyer’s agent.
If representing the buyer or tenant: The broker or agent agrees to represent the buyer through a written representation agreement. The buyer’s agent then must perform the broker duties mentioned above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent.
If representing buyer and seller as intermediary: The broker must obtain written agreement from both parties, and that agreement will state who will pay the broker and what the broker’s obligations are as an intermediary.
The obligations are as follows: The broker must treat all parties impartially and fairly. The broker may appoint a difference license holder associated with the broker to each party with the parties’ written consent. The broker must not disclose that the owner will accept a price less than the written asking price, that the buyer will pay a price greater than the price submitted in a written offer, or any confidential information that a party asks the broker not to disclose in writing, unless required to do so by law.
If you have questions, read this information put forth by the Texas Real Estate Commission, or feel free to contact me, your Katy real estate agent! When ready to buy a Katy home, sell your Katy home, or both, contact me for help! I’d love to help you out.