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Who Represents Your Interests When Buying a Home?
Very few consumers understand their rights as home buyers. Whether it be Florida or any other state, you have a right to have your interests represented by licensed real estate agent. Some people believe they will get a better "deal" when purchasing a home through the listing agent. Some states allow "Dual Agency" which defines the relationship between a buyer, a seller and a single agent representing both parties in a home purchase. The state of Florida statutes forbid this arrangement. In Florida, if a single agent arranges a purchase agreement between two parties it is defined as "Transaction Agency". The Transaction Broker (agent) crafts a transaction by bringing a willing buyer and a willing seller together and assists with the closing of details. The Transaction Broker is not a fiduciary of any party, but must abide by law as well as professional and ethical standards.
In a transaction agency relationship while the agent must abide by law and ethical standards, the agent is not allowed to represent one party over the other. That is to say, he cannot negotiate on the part of just one of the parties.
Click here for the Florida Statute
Single Agent Relationship, Buyers Agent or Sellers Agent
In a "Single Agent Relationship" the agent represents only one or the other of the parties in a transaction. The agent has a fiduciary responsibility to his client. In this relationship the agent has a responsibility to negotiate the best price, the best "deal" for the client and to disclose all known facts that materially effect the value of residential real property and are not readily observable. The agent is working only for the benefit of his client.
For the Home Buyer
For a home buyer the single agent relationship or "Buyers Agent" places the agent in a position of focusing on all those issues that will benefit his buyer. This includes negotiating the best price or terms, examining all available data regarding the condition of the property and any associated information that might effect the value of the property. It also includes making an effort to secure the best financing deal possible. It sometimes means that the agent might discourage a buyer from purchasing a home that is not suitable for the buyer's family or their lifestyle.
For the Home Seller
In a similar fashion the home seller realizes the best possible representation from a "Sellers Agent". This agent is tasked with doing everything he can to get the best possible price and terms for the seller. In the process the seller's agent will utilize the most effective and comprehensive marketing to sell the house.
Click here for the Florida Statute on Single Agent Relationship
A transaction broker provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent. The duties of the real estate licensee in this limited form of representation include the following:
1. Dealing honestly and fairly;
2. Accounting for all funds;
3. Using skill, care, and diligence in the transaction;
4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;
5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
6. Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and
7. Any additional duties that are mutually agreed to with a party.
(b) Disclosure requirements.--Duties of a transaction broker must be fully described and disclosed in writing to a buyer or seller either as a separate and distinct disclosure document or included as part of another document such as a listing agreement or agreement for representation. The disclosure must be made before, or at the time of, entering into a listing agreement or an agreement for representation or before the showing of property, whichever occurs first. When incorporated into other documents, the required notice must be of the same size type, or larger, as other provisions of the document and must be conspicuous in its placement so as to advise customers of the duties of limited representation, except that the first sentence of the information identified in paragraph (c) must be printed in uppercase and bold type. This paragraph expires July 1, 2008.
(a) Single agent-duties.--The duties of a real estate licensee owed to a buyer or seller who engages the real estate licensee as a single agent include the following:
1. Dealing honestly and fairly;
2. Loyalty;
3. Confidentiality;
4. Obedience;
5. Full disclosure;
6. Accounting for all funds;
7. Skill, care, and diligence in the transaction;
8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and
9. Disclosing all known facts that materially affect the value of residential real property and are not readily observable.
Glenn Weilbacher, REALTOR
Local 904-794-9609 Toll Free 888-236-2579 E-Mail
Have questions about our neighborhoods? Call or E-Mail me. We will help you better define your search criteria. You may request a neighborhood photo tour and additional photos of a home at any time.
3505 US 1, St Augustine, FL
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