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Q: - "I hired a real estate broker to sell my house. She now wants me to sign that I acknowledge she is a transactional broker. What does that mean and should I be concerned?"
A: - Years ago all real estate brokers were hired to represent the seller. By law, the broker had a fiduciary relationship with the seller, which meant that the seller could trust the broker to protect the seller's interests by acting for the seller's benefit while subordinating the broker's personal interest to that of the seller. Later, brokers were hired to represent buyers as well. Now, most brokers are "transactional brokers," which means that they are hired to "facilitate the sale." Transactional brokers do not have a fiduciary relationship with either the buyer or seller; however, brokers must operate in good faith. The term good faith is an intangible and abstract quality with no technical meaning or statutory definition, yet it requires an absence of malice and the design to defraud. It commonly means honesty of purpose and full and complete disclosure of facts. Technically, you are safer if the fiduciary relationship exists where the broker must protect you.
The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.