When a real estate brokerage represents a seller, they are called the “Listing Broker,” and when a brokerage represents a buyer, they are often referred to as the “Cooperating Broker.” This is because buyer’s agents cooperate with listing agents in order to sell property.
Buyers and sellers sometimes have conflicting priorities, but there is nothing adversarial about the relationship between Listing and Cooperating Brokers. To the contrary, both play an important role in the transaction process.
When an offer on an house is accepted, both buyer and seller sign the same contract, agreeing to perform under certain terms and conditions. Cooperating brokers can play a key role in the transaction, guiding buyers through unexpected issues and working with the listing agent to prevent problems and find solutions.
Real estate agents bring a wealth of knowledge & experience to the transaction process and help their clients navigate contract deadlines & contingencies. Some examples include:
Property data (e.g. taxes, zoning, HOA regulations)
Inspection & Inspection Resolution (e.g. repairs, environmental hazards)
Title Commitment (e.g. ownership disputes, tax or mechanical liens)
Survey (e.g. utility easements, encroachments, shared driveways)
Loan Commitment (e.g. lender requirements are met to finance the purchase)
Appraisal (e.g. estimated property value, condition predications)
Final Walkthrough (e.g. home is in original condition, repairs complete)
Closing & Settlement Statements (e.g. buyer has closing disclosures & funds to close)
THE TAKEWAY
Many buyers are represented by a Cooperating Broker who assists the Listing Broker in the sale of a property. The contract process can be complex. But in the end, buyers, sellers, and their agents share the same goal - a smooth transaction and reaching the closing table on schedule.
Comments