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BUYER'S AGENT SERVICE
(Exclusive Buyer Representation)
In Florida a Real Estate Licensee may enter into a brokerage relationship in only one of 3 ways: Transaction Broker, Seller Representative, Buyer Representative.
TRANSACTION BROKER - is a limited form of representation to a Buyer, a Seller or both in a Real Estate transaction but does not represent a fiduciary relationship for any party, yet provides a service to complete a Real Estate transaction.
The Duties of the Transaction Broker Include:
- Providing access to and showing of the property
- Providing access to market information
- Providing assistance in the preparation of a buy and sell agreement which reflects the terms of the parties agreement
- Assisting the parties in undertaking all steps necessary to carry out the agreement, such as obtaining financing and execution of documents.
SELLER REPRESENTATIVE - A fiduciary relationship with the seller to act solely in the best interest of the seller.
Duties of a Seller Representative include:
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Promoting the best interest of the seller
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Fully disclosing to the seller all facts that might effect or influence the seller's decision to Accept an offer or purchase
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Keeping confidential the seller's motivation for selling
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Presenting all offers to the seller
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Disclosing the identities of all buyers and all information about the willingness of those buyers to complete the sale or to offer a higher price
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Disclosure of relationship must be in writing
This is your traditional Real Estate Listing Agreement and Relationship whereby a Seller contracts with a Brokerage to become "Their Agent" to sell their property. "Their Agent" promotes the property and would make contact with potential Buyers.
Potential Buyers attracted by Seller's Agent through Open Houses, For Sale Signs or Prospecting would make contact with the Seller's Agent and begin looking at Properties with "Their Agent" (Sellers Agent).
What generally happens is the Potential Buyer does not know that the person they considered "Their Agent", in fact, is only the Seller's Agent. Therefore, information shared by the Buyer with "Their Agent" relative to negotiation and pricing strategies would as a matter of agency law and ethics be required to be communicated to the Seller. Often privileged and confidential information, for example, " Buyer's Negotiation Range" or an admission that "The Property is Right for Me" would be relayed to the Seller.
In Essence, the Listing Agent with whom the Potential Buyer is negotiating has no fiduciary relationship with the Buyer. Therefore, the Buyer is basically representing their interest alone.
If this surprises and shocks you, do not feel alone. This lack of representation of the Buyer has led to a transformation in the delivery of Real Estate Brokerage Service Nationwide. This sense of astonishment of how business was conducted in the past has resulted in the concept of "Buyer Representation".
BUYER REPRESENTATIVE - A fiduciary relationship with the Buyer to act solely in the best interest of the Buyer.
Duties of a Buyer Representative include:
An "Exclusive Buyer Representative" (Buyer's Agent) is someone who acts only as a Buyer's Agent, and who does not represent Sellers or List Property for Sale.
The Buyer Representative wears only one hat, that of representing the Buyer thus adding greater economic value to a Buyer's transaction.
The third type of relationship allowed in Florida is the Transaction Broker Relationship.
There Are Many Advantages to using LandWise Realty Services as your Buyer's Representative. Perhaps the greatest is the fact that it will not cost you anything. Our service is FREE to the Buyer!
Our goal is to help you buy the best property on the market, choosing from all property available for sale listed by Real Estate Companies or not. From securing a loan, to finding the property that is best for you, to negotiating the lowest price, to closing the deal, we work for you!
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