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An exclusive transaction broker agreement appoints a single broker to facilitate a property transaction on behalf of both parties, assisting with the process without acting as an advocate for either buyer or seller. The broker earns a fee on completion of the transaction. This model, common in the United States, is less established in England and Wales, where agents traditionally act for one party. It requires careful drafting to manage conflict of interest obligations.

English law does not formally recognise 'transaction broker' as a distinct regulated category. An agent acting for both parties in a property sale must disclose that dual role under section 21 of the Estate Agents Act 1979. A transaction broker in England is typically treated as an estate agent who has disclosed a personal interest or dual agency situation and obtained the informed consent of both parties before proceeding.

Under the Estate Agents Act 1979, any agent with a personal or financial interest in both sides of a transaction must disclose this in writing to each party before proceeding. The disclosure must be clear and prominent. Both parties should acknowledge receipt in writing. Failure to disclose can constitute a criminal offence under the Act and may also make the broker's fee unenforceable against either party.

A traditional estate agent acts for and owes duties to one party only, typically the seller. A transaction broker facilitates the deal for both parties without advocating for either, providing procedural assistance, information sharing, and coordination. In England and Wales, this hybrid role requires explicit dual-agency disclosure and is most suited to situations where both parties are sophisticated and have separate legal advisers.

A buyer dealing with a transaction broker who also represents the seller faces the risk that commercially sensitive information, such as the maximum price the buyer is willing to pay, may consciously or unconsciously influence the broker's advice to the seller. English courts have found that undisclosed dual agents are in breach of their fiduciary obligations. Buyers should ensure any dual role is disclosed before sharing negotiating information.

Transaction brokers in England typically charge a single fee on completion, either as a percentage of the sale price or a fixed amount, shared between or paid by one of the parties as agreed. The agreement must specify clearly who pays the fee, how it is calculated, and when it falls due. Where both parties contribute to the fee, separate written confirmation from each party is advisable to avoid disputes.

Under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, the broker must carry out customer due diligence on both the buyer and seller. This includes verifying the identity of both parties and checking the source of the buyer's funds. These checks must be completed before the transaction proceeds. Failure to carry them out is a criminal offence and may result in the broker being reported to the National Crime Agency.

No. Unless separately qualified and authorised to do so, a transaction broker in England and Wales cannot provide legal advice. Legal advice is a reserved activity regulated by the Solicitors Regulation Authority. The broker's role is limited to facilitating the transaction administratively. Both parties should have independent solicitors throughout the conveyancing process, and the broker should make this clear in the engagement agreement.