At one point and time, Florida Law required that all real estate licensee’s, at the first point of contact, disclose to potential customers and clients the manner in which they were willing to represent them. The four types of representation are:
No Brokerage Relationship
Designated Sales Agent
As of 2006, this disclosure requirement was no longer required by Florida law. It was acknowledged and “presumed” that ALL real estate licensee’s would act under the “Transaction Broker” form of representation when dealing with potential customers.
The purpose of this page is to inform you that all Grove Town Properties agents, sales associates & broker associates are working solely as Transaction Brokers on your behalf. As Transaction Brokers, we owe you the following 7 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 the 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 confidentially 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.
Please call or e-mail me personally if you have any questions or need clarification in regards to our Transaction Broker Notice.