Moving to Oklahoma from another state? You cannot find a real estate agent.

If you are relocating to Oklahoma and the state that you are moving from has real estate agents, be aware that Oklahoma does not.

Oklahoma along with some other states has adopted a new way to doing things in real estate. I have had several people contact me lately that are moving here from another state and expect agency law.

Oklahoma law provides for two ways that a real estate licensee (Broker or Sales Associate) can work for their clients.  They can work as either a "Transaction"  Broker or as a "Single Party" Broker. I assume that the services are very similar in other states with the same type of law.  This post lays out the transaction broker relationship.

Most services provided to sellers and buyers are provided in a Transaction relationship.  The licensee really does not work for the buyer or for the seller but actually works for the transaction.

The duties of a transaction broker relationship are (taken from the Transaction Broker Disclosure Form):

*Perform the terms of the agreement that exists between the client and the licensee (buyer brokerage agreement, listing brokerage agreement, etc.)

*Treat all parties to the transaction with honesty and exercise reasonable skill and care;

*Be available to 1) receive all written offer and counteroffers; 2) reduce all offers or counteroffers to a written form upon request of any party to a transaction; and 3) timely presentation of such written offers and counteroffers;

*When an offer is made, the broker whall inform in writing the parties for whom the broker is providing services that such party will be expected to pay certainclosing costs, brokerage service costs and the approximate amount of those costs;

*Timely account for all money and property received by the Broker;

*Keep confidential information received from parties confidentialas set forth below;

*Disclose information pertaining to the property as reuired by the Residential Property Condtion Disclosure Act;

*Inform the parties for thom the Broker is providing services that they are not vicariously liable for the acts or omission of the Broker; and

*Comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules.

The following is considered Confidential and cannot be disclosed by the Broker:

1) That a buyer is willing to pay more or that a seller is willing to accept less than what is being offered;
2) That either one is willing to agree to financing terms that are different from those offered;
3) The motivating factors of either party to the transaction;

Confidential information may be disclosed if the party grants consent to disclose, OR the disclosure is required by law, OR the information is made public or becomes public as the result of actions from a source other than the Broker.

A transaction broker can accept delivery of acceptance of the contract and related documents.

Expect to sign a disclosure statement with these points in the form when a broker is working for you as a transaction broker, whether you are a seller or a buyer.

Next post will be the points of a "Single Party" relationship in Oklahoma. We want our clients to be fully informed.   If you need the services of a real estate broker in Southeast Oklahoma, please give us a call.