How does the law of agency work in florida? Do you have buyers agents sellers agents and dual agency?

Asked by Tod Zaret, Rock Hill, SC Fri Jul 20, 2012

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Annette Law…, Agent, Palm Harbor, FL
Fri Jul 20, 2012
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By default, all agents are transaction brokers, UNLESS otherwise stated.

Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
727. 420. 4041

Chat with me on:
http://www.RealEstateMadeEZ.us
0 votes
Tony Guerrie…, Agent, Cape Coral, FL
Wed Aug 8, 2012
An agent can transition from a transaction broker to a single agent. There is a Florida Association of Realtors document that needs to be signed by the client to transition to a single agent.
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Regina Vasqu…, Agent, Aventura, FL
Sun Aug 5, 2012
There is no dual-agency in Florida. As Annette has stated previously, according to Florida Statute 475.278 Transaction Broker is the default relationship with any buyer or seller.
TRANSACTION BROKER NOTICE
As a transaction broker, the brokerage provides to you a limited form of representation that includes the following duties:
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 entered into by this or by separate written agreement. Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty of the licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties. 
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Tod Zaret, Home Owner, Rock Hill, SC
Sun Jul 22, 2012
According to the Florida statutes that I just read, Annette was right all agents are defaulted to transactional brokers in Fl. That said it is always better to be represented by a single agency broker who is dedicated to your interests alone and has a higher degree of loyalty, confidentiality, and fiduciary responsibility to one party in the transaction. In effect a transactional broker is a dual agent by default representing the buyer and seller equally with no allegiance to either.
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Fri Jul 20, 2012
Most agents work transactional - if you would like a detailed explanation of the different types of representation please contact me.

If you would like to search our local multiple listing service where you can see ALL listings regardless of what office or agent listed the property please visit http://www.leecountyrealtor.listingbook.com

If you will be coming to the area to look at homes please get in touch with me - I'd be more than happy to show you around. I have lived in Cape Coral for over 24 years and know the area extremely well.

Terry McCarley, Realtor®, CDPE
Jones & Co Realty
email: leecountyrealtor@earthlink.net
phone: 239-707-4575
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