Agency has to do with the nature of the representation you can expect from the Realtor you select. Colorado law requires real estate companies to decide on the kind of agency relationships they will offer, and to disclose information about agency to prospective clients and customers. These are the agency and non-agency relationships offered by Danyliw &Associates:
SELLER'S AGENT:
A seller's agent works solely on behalf ofthe seller and owes duties to the seller which include the utmost good faith, loyalty and fidelity. The agent will negotiate on behalf of and act as an advocate for the seller. The agent must, however, disclose to potential buyersor tenants, all adverse material facts about the property actually known by theagent. A separate written agreement is required which sets forth the duties and obligations of the parties. The seller is legally responsible for the actions of the agent as long as the agent is acting within the scope of the agency agreement
BUYER%S AGENT:
A buyer's agent works solely on behalf of the buyer and owes duties to the buyer which include the utmost good faith, loyalty and fidelity. The agent will negotiate on behalf of and act as an advocate of the buyer. The agent must disclose to potential sellers all adverse material facts concerning the buyer's financial ability to perform the terms of the transaction, and whether the buyer intends to occupy the property. A separate written agreement is required which sets forth the duties and obligations of the parties. The buyer is legally responsible for the actions of the agent as long as the agent is acting within the scope of the agency agreement.
TRANSACTION BROKER:
A transaction broker assists the buyer or seller -- or both -- throughout the real estate transaction with communication, advice, negotiation, contract and closing, without being an agent or advocate for any of the parties. The parties to a transaction are not legally responsible for the actions of a transaction broker and a transaction broker does not owe those parties the duties of an agent. However, a transaction-brokerdoes owe the parties a number of statutory obligations and responsibilities, including using reasonable skill and care in the performance of any oral or written agreement. A transaction must make the same disclosures as agents about adverse material facts concerning a property or a buyer's financial ability to perform the terms of a transaction and whether the buyer intends to occupy the property. No written agreement is required.
