Texas Real Estate Intermediary Agreement
- 06/05/2023
As a potential buyer or seller of real estate in Texas, it`s important to understand the role of a real estate intermediary and the agreement that governs their services. In Texas, a real estate intermediary is also known as a “dual agent” as they represent both the buyer and seller in a transaction.
An intermediary agreement is a legally binding agreement between the intermediary and the parties involved in the transaction. The agreement outlines the responsibilities of the intermediary and the rights and obligations of the buyer and seller, as well as any other stakeholders involved in the transaction.
The primary purpose of a real estate intermediary is to facilitate the transaction between the buyer and seller, acting as a neutral party to ensure fair and equitable treatment for both sides. The intermediary is responsible for assisting both parties in negotiating the terms of the transaction, answering questions, and relaying information between the buyer and seller.
In addition to their neutral role, intermediaries are responsible for ensuring that all legal requirements are met during the transaction process. This includes verifying the legality of any documents and ensuring that all parties are aware of the legal requirements and risks involved in the transaction.
The intermediary agreement sets out the specific responsibilities of the intermediary and the process by which they will carry out their duties. It also outlines the fees and commissions that the intermediary will receive for their services. It`s important to ensure that the agreement is fair and equitable for all parties involved in the transaction.
In Texas, intermediaries must disclose their status as a dual agent and obtain written consent from both the buyer and seller before proceeding with the transaction. This is to ensure that both parties are aware of the potential conflicts of interest that may arise and have given their consent to proceed.
It`s important to work with an experienced intermediary who is knowledgeable about the Texas real estate market and can help guide you through the transaction process. By understanding the role of an intermediary and the agreement that governs their services, you can ensure a fair and equitable transaction for all parties involved.