The buyer agent acts as the buyer’s advisor and advocate on negotiations, terms and conditions, and can pursue any listed property on behalf of the buyer, including homes for resale, sale-by-owner homes and new construction. This relationship requires a signed contract at the onset. Typically the listing agent or seller pays the buyer broker’s fee at closing.
A transaction broker assists both buyer and seller with communication, negotiation, drafting the contract and closing, but is not an agent or advocate for either party. The relationship is purely advisory.
The Colorado Real Estate Commission uses this term to describe the relationship when Team Hetterich works as the buyer’s broker on a transaction with an agent from RE/MAX Cherry Creek (in-house for Team Hetterich).