Acting as Your Real Estate Agent | Sarasota FL | David Barr Realtor

When you're working with me as your real estate agent in Sarasota, Venice, or Lakewood Ranch, the state of Florida treats our relationship with customers differently than you may be used to in your current state.

In Florida, real estate agency (relationship or representation) with customers is by default termed as a "transaction brokerage relationship".

A transaction broker provides a limited form of representation to a buyer or home seller, but does not represent either in a fiduciary capacity.  In other words, when you hire me to buy or sell, we do not act as a single legal entity, for which you can be sued for my actions, or I can be sued for your actions.  Transaction broker duties (which most customers expect anyway) are:

  1. Dealing honestly and fairly;
  2. Accounting for all funds (such as escrow deposits);
  3. Using skill, care, and diligence in a transaction;
  4. Disclosing all known facts that may affect the value of residential real property which may not be readily observable to the buyer;
  5. Presenting all offers and counter offers in a timely manner, unless a party has previously directed me otherwise in writing;
  6. Limited confidentiality, unless waived in writing by a party.  Limited confidentiality prevents the disclosure that a seller will accept a lower price than advertised, or that the buyer will pay a a greater price, that a buyer or or seller will agree to financing or terms other than those offered, or any other information requested by a party to remin confidential;
  7. Any additional duties that are mutually agreed to with a party.

Learn more about transaction broker relationships in Florida
Beware real estate brokers touting single agent over transaction broker status

This is most likely what you as a home buyer or seller would expect from your Realtor anyway, but it's just called something different in Florida.

Transactions brokers are NOT the same as dual agents. Dual agents are fiduciaries to both parties, and that kind of real estate agency can cause a lot of legal headaches.  Dual agents are illegal in Florida.

The topic of transaction broker versus "single agent", which includes all transaction broker duties, plus a fiduciary relationship, has become an issue because some brokers, like Keller Williams locally, are claiming single agency representation is superior to transaction brokerage.  

I would disagree with that claim, since you are incurring additional liability by working with a single agent, whose actions can become your actions in a court of law.  

Contact me when you're ready to buy or sell your home in Sarasota, Lakewood Ranch, or Venice.

#realestate #transactionbrokerflorida #realestatebrokerflorida #realtor #realtorlife #sarasotafl #venicefl #lakewoodranch 


Popular posts from this blog

Real Estate Advertising Online

New Sarasota County Flood Maps

Distance to the Beach | Palmer Ranch | Sarasota FL