Definition
A transaction broker provides neutral facilitation services without representing either party's interests. They don't have fiduciary duties like traditional agents.
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A transaction broker serves a neutral, facilitation role, handling paperwork and coordination without being a fiduciary for either party. Transaction brokers are common in states that allow this non-fiduciary option. They provide convenience and reduce costs but cannot advocate for either party or protect their interests. Parties working with transaction brokers should ensure they understand the limited services being provided.
Pro Tip
If using transaction broker, understand you're not getting fiduciary representation.
Example
The transaction broker coordinated inspections and scheduling but did not advocate for either party.