Colorado Real Estate Terms: What is a Listing Agent? What is a Buyer’s Agent?

Colorado Real Estate Terms

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Like all industry’s, the real estate industry has it’s fair share of real estate jargon.  These are terms that realtors use day in and day out, but the general public doesn’t understand these terms as they are industry specific.

Let’s first start with the term Listing Agent.  What the heck does that mean?

When a home owner wants to sell their home, they typically list it with a Realtor to provide marketing services and put it on the Multiple Listing Service.  In Colorado, the Listing Agent has a fiduciary responsibility to the seller.

According to the Colorado Definitions of Working Relationships   “Seller’s Agent: A seller’s agent (or listing agent) works solely on behalf of the seller to promote the interests of the seller with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the seller. The seller’s agent must disclose to potential buyers all adverse material facts actually known by the seller’s agent about the property. A separate written listing agreement is required which sets forth the duties and obligations of the broker and the seller.”

OK that sounds easy enough to understand.

Then what is a Buyer’s Agent or a Selling Agent?  

A Selling Agent, is an agents who shows your property to potential buyers and who are representing a buyer.  They are often referred to as a Buyer’s Agent or a Selling Agent, both terms mean the same thing.  In Colorado, a Buyer’s agent has a fiduciary responsibility to the buyer.

According to the Colorado Definitions of Working Relationships “Buyer’s Agent: A buyer’s agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity. The agent negotiates on behalf of and acts as an advocate for the buyer. The buyer’s agent must disclose to potential sellers all adverse material facts actually known by the buyer’s agent including the buyer’s financial ability to perform the terms of the transaction and if a residential property, whether the buyer intends to occupy the property. A separate written buyer agency agreement is required which sets forth the duties and obligations of the broker and the buyer.”

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