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January 06, 2019

Buyer’s Broker

Word of the day

Buyer’s Broker

A broker who represents the buyer in a statutory or fiduciary capacity. Some buyer’s brokers practice single agency, in which they represent either buyers or sellers, but never both in the same transaction. Some buyers’ brokers represent only buyers and refer prospective sellers to other brokers—these brokers are called exclusive buyer brokers. The broker is paid by the buyer, or through the seller or listing broker at closing, provided all parties consent. 

With the widespread acceptance of buyer representation, there is a good probability that the listing firm will also have a buyer-client interested in one of its listings. Many companies develop office policy based on whether to continue representing both clients under a consensual dual agency or to practice single agency by referring one of the parties to another brokerage.

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