Florida law requires all Real Estate Agents to explain the “Agency Relationship” options available to Sellers and Buyers of residential real estate.
The law established three types of agency:
* Single Agency
* Transaction Brokerage
* No Brokerage Relationship
Single Agency: The policy of Coldwell Banker Schmitt is to provide the greatest possible degree
of service to our clients, which only occurs in a Single Agency relationship.
For that reason, the company adopted Single Agency as the primary and preferred relationship
for working with our clients.
As a Single Agent, we provide you with the full spectrum of services including the fiduciary
duties of loyalty, confidentiality and obedience.
The benefit to you is that we place your interest above all others, including our own!
While we believe this type of relationship is what
our clients expect and deserve, most Real Estate Companies have opted not to adopt Single Agency as the primary and preferred relationship for working with buyer and seller. They have chosen Transaction Brokerage, which, by law, is the assumed relationship between a buyer and agent or seller and agent unless they agree to Single Agency or a No Brokerage Relationship.
Transaction Broker: As a Transaction Broker, agents are required to facilitate the transaction by assisting both the buyer and seller, and not represent one party to the detriment of the other. They provide fair and honest dealing, skill, care and diligence, accounting for all funds, and disclosure of all known facts that materially affect the value of a property in which you have interest. The reason most companies have adopted Transaction Brokerage is for the reduced level of liability versus Single Agency.
No Brokerage Relationship
The agent owes you three duties:
* To deal with you honestly and fairly;
* To disclose all known facts that materially affect the value of the property which are not readily observable to you;
* And, to account for all funds entrusted to the agent.
The key point for the No Brokerage Relationship (non-representation) is to not disclose any information you want held in confidence until entering into an agency relationship.