The broker should be guiding you but don't think that the brokers obligation is to find out physical defects with the property or the title. A transaction broker provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a. Link returns, asks if you would like a cup of coffee, and finally gives you a chance to talk. You can ask the broker and should ask the broker that you deal with as an investor to help you to find good, qualified people to do that. Missouri allows the following forms of representation: o Sellers or Landlords Limited Agent. The broker is not a termite guy or gal to go find out that stuff. You can’t expect the broker to go climb around in the attic and make sure that the nails are the proper number of inches apart that they're supposed to be.
But only where the broker knows about it.īut when you're dealing with the broker in real estate transaction, in residential transactions, the broker is not a home inspector.
If the seller turns around and kind of tongue in cheek says to the broker we didn't have it fixed but don't tell them that, the broker is going to have this obligation to disclose that. Oklahoma real estate brokers have mandatory duties and responsibilities to all parties in a real. So if the seller discloses to them in the case of the Johnson versus Davis situation that we talked about earlier that's in the prior video where the water was gushing in through the window and before the transaction the seller told Mrs. brokerage services to both parties to the transaction. Brokers have as I mentioned this duty to disclose material facts that they are aware of that impact the value the property, but they may not be aware of it unless the seller tells them about it. What you can actually do is to, if it's necessary in particular transaction, to enter into a different agreement with the transactional broker modifying those. Lastly the transactional broker also has to present all offers and counter offers in a timely manner, has some limited confidentiality because they're spanning both parties unless that's waved in writing, and any additional duties that the parties would agree to which means you're not limited to those specific duties. It's the burden that's placed on sellers except for the fact that the real estate broker and I'll get into this in a moment, the real estate broker is not deemed to know the same information as the seller would. Some of those duties for the transactional broker are to deal honestly and fairly with the individuals, to account for all funds, use skill, care, and diligence in the transaction, to disclose all known facts that materially affect the value of the residential real estate and are not readily observable to the buyer and that sounds a lot like what we talked about in the prior video with Johnson versus Davis and it is.
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