You already know that you do not need a Realtor to buy a house in Florida, but that it’s a good idea.
Once you have a Realtor, make sure you understand the relationship that you will have.
With the internet providing us all so much information about, it’s important to know the different relationships that Realtors can have with their customers.
It’s also just as important to understand the differences that may occur in each state. Here, we are discussing a Florida Transaction Broker.
According to the Florida Statute, it is “presumed that Realtors act as Transaction Brokers unless a single agent or no brokerage agreement is entered into, in writing, with a customer.”
This statute went into effect on July 1, 2003.
So, what is a Florida Transaction Broker?
Well, if the Realtor is working for both the Seller and the Buyer, he/she must be a Transaction Broker. The State of Florida makes it very clear that any Florida Transaction Broker must provide a limited form of representation to both parties in a real estate transaction.
This form of limited representation includes:
- Dealing honestly and fairly
- Accounting for all funds
- Using skill, care and diligence in a transaction
- Disclosing facts known about the property that might affect the value of the property
- Presenting all offers and counter offers in a timely manner
- Limited confidentially – unless waived by a party.
This means the licensee cannot disclose to the Buyer that the Seller will take less for his/her property, or that the buyer will pay more for the property.
Can your real estate agent be a Transaction Broker?
In fact, there is also something called “Consent To Transition To Transaction Broker“.
This means that the agent, who is currently a “single agent”, is granted written consent to change to a Florida Transaction Broker in order to assist both parties in the real estate transaction.
The agent still has to follow the Limited Representation guidelines that we stated above.
If you have any questions about what kind of relationship you have with your Realtor, please ask them. Or feel free to leave a comment below and I would be glad to answer any concerns you have.