Is My Broker/Agent a "Transactional" or "Single" Broker/Agent?
Let me start by telling you prior to being a real estate professional, in purchasing and selling nine homes over the past twenty years here on the gulf coast, not once did any of the realtors disclose during our real estate transactions with them that they were acting as a "transactional" or "single broker/agent." It is presumed in the State of Florida, all licensees are operating as "transaction brokers/agents unless a single agent or no brokerage relationship is established, in writing, with a customer. It is important to ask your agent before you sign on the dotted line to list or purchase a home.
A transaction broker/agent 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 agent in this limited form of representation include the following:
Dealing honestly and fairly;
Accounting for all funds:
Using skill, care, and diligence in the transaction:
Disclosing all know material facts that materially affect the value of residential real property and are not readily observable to the buyer;
Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
Limited confidentiality, unless waived in writing by party;
Any additional duties that are mutually agreed to with a party;
A single broker/agent, provides a "fiduciary relationship" which includes all duties listed above as a transactional licensee, as well as the following additional responsibilities:
(1) Dealing honest and fairly;
(5) Full disclosure
(6) Accounting for all funds;
(7) Using 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 in writing;
(9) Disclosing all know material facts that could affect the value of the residential property and are not readily observable.
Although there are similarities to the duties performed, loyalty, confidentiality, obedience, and full disclosure are not a part of a transactional broker/agent's duties. If a broker/agent are representing you as a single agent, Florida laws requires a signed, separate, and distinct disclosure document. The disclosure must be presented 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.
A licensee who is representing you as in single agent relationship may need to change from a single agent, to a transactional brokerage agent in order for a licensee to assist both buyer and seller in a transaction. (Example; you are the buyer purchasing a home that is listed with the same brokerage firm). This would change the relationship to a limited form of representation for both buyer and seller. This change must be disclosed and put in writing.
River Strand Community July Updates
In the month of July, 6 properties were sold in River Strand community ranging from $155,000- $290,000. Currently there are a total of 29 available including single family homes, coach homes, villas, and condominiums available to purchase from $169,000 to $889,000 . If you, or you know of someone who is looking to sell, buy, or invest into real estate in the near future, please contact us at Keller Williams On The Water at 941.416.4095. We appreciate the opportunity to assist you, your family, or friends with all your real estate needs!
If you, or you know of someone who is looking to sell, buy, or invest into real estate in the near future, please contact us at Keller Williams On The Water at 941.416.4095. We appreciate the opportunity to assist you, your family, or friends with all your real estate needs!