Information and Notices to Buyers and Sellers
BROKERS. A real estate broker represents a party (buyer or seller) in a real estate transaction or may act as an intermediary between the parties. A party may work with the broker wr with one of the broker's agents. Both a buyer and a seller will be provided a form titled "Information About Brokerage Services" (TXR 2501) which defines agency relationships. An agent may help a seller market the property or help a buyer locate a property. The agent is obligated to negotiate the transaction and may assist in gathering information and may coordinate many details in the transaction. Brokers and agents are not inspectors. They do not possess the expertise to conduct inspections and therefore do not make any representations, warranties, or guarantees about a property's condition. Agents are not attorneys. Parties are encouraged to seek the assistance of an attorney to help in understanding thany of the legal consequences and provisions of the contract or transaction.
COMPENSATION. Compensation means any commission, fee, or other valuable consideration for real estate brokerage services provided by a broker or agent. Broker compensation is not set by law and is fully negotiable. There are many different compensation models brokers may use including commission, flat fee, hourly fee, and fees for specific tasks. Buyer may pay their broker directly, or seller or listing broker may offer to pay buyer's expenses, which can include broker fees.
