Q Re: Exclusive Right to Buy Listing Contract . .
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