Buyers and sellers have three basic options in all real estate transactions concerning the role the real estate brokerage firm will assume for them:
1. The brokerage firm may work as a transaction broker for the buyer and/or the seller.
2. The brokerage firm may work as a single agent of either the buyer or the seller but not for both buyer and seller in the same transaction.
3. The parties may agree that the brokerage firm will not represent the buyer or the seller at all. This situation is referred to as "no brokerage relationship". The brokerage firm simply facilitates the transaction.
Your agent must have had the box for single agent checked on your listing agreement and needed to transition to a transaction broker to be able to present you with one of their buyer's offers. According to FL law effective 7/1/2003, all licensees (your listing agent for example) are presumed to be operating as transaction brokers unless single agent or no brokerage relationship is established, in writing, with the client.
A transaction broker provides limited representation to a buyer, a seller, or both in a real estate transaction, but who does not represent either party in a fiduciary capacity or as a single agent.
The duties of a transaction broker are: Deal honestly and fairly; Account for all funds; Use skill, care, and diligence in the transaction; Disclose all known facts that materially affect the value of residential real property and are not redily observable to the buyer; Present all offers and counteroffers in a timely manner; Exercise limited confidentiality, unless waived in writing by a party; Perform any additional duties that are mutually agreed to with a party.
The duties of a single agent are: Deal honestly and fairly; Loyalty (the agent as fiduciary in a transaction must not breach the undivided loyalty to the principal; Confidentiality; Obedience; Full disclosure; Account for all funds; Skill, care, and diligence in the transaction; Present all offers and counteroffers in a timely manner; Disclose all known facts that materially affect the value of residential real property and are not readily observable to the buyer.
This is an awesome market right now and homes are selling very quickly. I am just a little bit curious why your listing is still on the market after 4 months. Thanks for your question and I wish you success in selling your home.
Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2012" by Gulfshore Life Magazine
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