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If you are selling or buying a home, you may hire a real estate broker or agent. If you decide to work with a broker, we can explain the terms of your contract and his or her duties to you. As an agent, a real estate broker will have certain fiduciary and legal duties to the person who hires him or her, or the principal.
If you are a seller, you will sign a listing agreement with the broker. The listing agreement covers the broker's efforts to sell your property. The broker has to work diligently to find a buyer, and you agree to pay a commission if the broker finds one. In Massachusetts, most sellers will sign an exclusive listing agreement, which means that the listing broker has the right to the commission even if you are solely responsible for finding the buyer.
The listing agreement will include the sales price of the home and the length of the listing time. Sometimes, a seller will want to terminate the listing agreement before its expiration.
If this is your situation, there may be language in the document that specifically covers termination. You could also have the right to terminate if the broker failed to perform under the agreement.
In some cases, you may simply need to wait until the agreement expires and then relist your property with another broker. If you are a buyer, you can hire a broker to help you find a suitable property. As your agent, the broker has to place your interests first. A broker may act as an agent for both the seller and the buyer. To act as a dual agent, the broker must get the express written consent of both the buyer and the seller before an offer to purchase is made. The broker has to remain neutral if any conflicts arise between the parties.
Although the broker has a duty of confidentiality and accounting for funds, he or she cannot fully satisfy the duties that an agent for the seller or buyer would satisfy. Our property transactions lawyers can explain the laws and documents that cover your relationship with a real estate broker in the Boston area. We can review your agreement with the broker, explain any potential pitfalls, and discuss your options if you encounter a problem with the relationship.
We represent clients throughout Braintree, Somerville, and Malden, in addition to the surrounding communities. Call us today at or complete our online form for a consultation. Role of Real Estate Brokers. The Role of Brokers As an agent, a real estate broker will have certain fiduciary and legal duties to the person who hires him or her, or the principal.
Under Massachusetts law, brokers must: Be properly licensed; Present all offers to purchase to the seller; Keep a record of the funds deposited in his or her escrow account; and Provide an agency disclosure form that describes the nature of the relationship between the parties. A broker in Massachusetts may act as an agent for the seller, buyer, or as an agent for both. Representing the Seller If you are a seller, you will sign a listing agreement with the broker.
Representing the Buyer If you are a buyer, you can hire a broker to help you find a suitable property. Dual Agency A broker may act as an agent for both the seller and the buyer.
Contact Us Free Consultation Downtown Boston Office Washington St Braintree Office 10 Forbes Rd Hyde Park Office 11 Fairmount Ave Andover Office Brickstone Square New Bedford Office William St. We serve the following localities: Role of Real Estate Brokers:: Justia Law Firm Website Design.