The transaction broker is not an agent for either party, so the transaction broker does not advocate the interests of either party. The transaction broker is responsible for performing the following duties:
• Protecting the confidences of both parties, including the following information:
The fact that a buyer is willing to pay more;
The fact that a seller is willing to accept less;
The factors that are motivating any party;
The fact that a party will agree to different financing terms; and
Any information or personal confidences about a party that might put the other party at an advantage.
• Exercising reasonable skill and care;
• Presenting all offers in a timely manner;
• Advising the parties regarding the transaction;
• Suggesting that the parties obtain expert advice;
• Accounting for all money and property received;
• Keeping the parties fully informed;
• Assisting the parties in closing the transaction;
• Disclosing to the buyer all adverse material facts
actually known by the transaction broker, including the following:
Environmental hazards affecting the property that are required to be disclosed;
The physical condition of the property; Any material defects in the property or in the title to the property; Any material limitation on the seller’s ability
to complete the contract.
• Disclosing to the seller all adverse material facts actually known by the transaction broker, including all material facts concerning the buyer’s financial ability to perform the terms of the transaction.
The transaction broker has no duty to:
• Conduct an independent inspection of the property for the benefit of any party;
• Conduct an independent investigation of the buyer’s financial condition;
• Independently verify the accuracy or completeness of statements made by the seller, buyer or any other qualified third party.