Before dealing with real estate broker, you should know that the broker’s obligations depend on whom he is representing.
If you are the owner and therefore a potential seller or landlord or if you are a potential buyer or tenant, you should know that the broker who registers the property for sale or lease is the owner’s broker, and as such is required to defend the owner’s interests.
A broker who acts as collaborator of the seller, represents the owner.
A broker who acts as a buyer’s broker represents the buyer.
An intermediary broker is one who acts as an intermediary between the parties provided that the parties have given their written consent.
The broker can help you locate a property, prepare a sales contract or a lease, or obtain financing without representing you, but it is very important that you are protected by a written representation agreement to avoid tricky situations in which you might find yourself defenseless.
The laws of Costa Rica and the Code of Ethics of the Costa Rican Chamber of Realtors require the broker to be straightforward with you.
You should ask for the broker’s references especially if there is an organization like the Costa Rican Chamber of Realtors to back him up while protecting your
interests as an owner. Require the broker to identify himself with his CCCBR license card and look at the expiration date (To be valid it must be current).
WHEN THE BROKER REPRESENTS THE OWNER
The broker becomes the own er’s broker when entering in a written tract with the owner for the sale of the property The broker representing the seller of the property can help the buyer but he clearly does not represent the latter and is required to consider first the interests of the client owner with whom he signed the contract . The buyer must not provide the broker of the owner with information he does not wish the owner to know about since the owner’s broker is required to disclose to the owner any information that comes to his knowledge .
WHEN THE BROKER REPRESENTS THE BUYER
The broker becomes the buyer’s broker when entering in a written contract with the buyer , usually a contract as the buyer’s representative and as such will be paid a ” Finders Fee ” . The buyer’s broker can assist the owner but does not represent him and should consider the interests of the buyer first . The owner must not provide the broker of the buyer with information he does not wish the buyer to have since the buyer’s broker is required to disclose to the buyer any information that comes to his knowledge
