Q Re: Exclusive Right to Buy Listing Contract . .

[Kelly G.]

Greetings;

I am moving to CO and am unfamiliar with the paperwork involved in a RE transaction - specifically the:  Exclusive Right to Buy Listing Contract;  Buyer Agency (is checked)

I have bought and sold property in California and have never seen a form like this!

I am currently working with an agent - who found a property I'm interested in.  The agent is working for me as a "buyer's agent".  The RE agent works in a multi-person firm.  

The following box is checked on the form:

4.3.1.2. Buyer Agency Unless Brokerage Relationship with Both.If this box is checked, Broker represents Buyer as Buyer’s Agent and must treat the seller as a customer, unless Broker currently has or enters into an agency or Transaction-Brokerage relationship with the seller, in which case Broker must act as a Transaction-Broker.

What does " . . and must treat the seller as a customer, . . " mean?  Am I not the 'customer'??  On the surface - this sounds like a conflict - which is what I was trying to avoid in working with a "Buyer's Agent".  

Also:  What is a "Transaction Coordinator"?  the form indicates that the Broker will be using a Transaction Coordinator to  .  'dot the i's and cross the t's' (my paraphrase) so to speak.  This kinda sounds like an Escrow company used in CA?  

Anything I should look out for on this form?  Currently, I am asking the Broker to indicate that this form is only valid for the current property I am placing an offer on; and Not a specified period of time.  

Yes, my agent can answer all this for me;  but always best to ask someone Not associated with the contract!

Thanks in advance

Kelly

[Bill S.]

@Kelly G. These are all terms defined by the Colorado Real Estate Commission. This Link explains the terms using the Commission approved form. Your broker could have/should have provided you with this form since you are out of state. Here is the text that maters in your situation

 DEFINITIONS OF WORKING RELATIONSHIPS

For purposes of this document, seller also means “landlord” (which includes sublandlord) and buyer also means “tenant” (which includes subtenant).

Seller’s Agent: 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.

Buyer’s Agent: 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.

Transaction-Broker: 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.

Customer: A customer is a party to a real estate transaction with whom the broker has no brokerage relationship because such party has not engaged or employed the broker, either as the party’s agent or as the party’s transaction-broker.

It was explained to me like this. Someone with whom you have "agency" means they are in your corner and fighting for you. "Transaction brokerage" means they are the referee. "Customer" means they are a spectator with regards to your interests in the deal. 

Hope that helps