Florida's Brokerage Relationship Disclosure
Steven and Vickie give you this very important information that affects all buyers and sellers of Florida Real Estate. A Buyers Agent doesn't cost you anything extra. Our commission is included in the sale price, not added to it. A listing agent represents the seller, not the buyer. These disclosures are required under Florida Real Estate Law.
Brokerage Relationship Disclosure Act
You should ask any real estate agent at the point of first contact in a residential sale/purchase who they represent or seek the advice of a professional Realtor regarding agency disclosure.
All Buyers and Sellers Realty of Florida - Ocala Real Estate offers Single Agency to buyers who request Buyer's Representation.
There are four types of agency disclosure when purchasing residential property:
- Single Agent
- Transaction Broker
- Transition to Transaction Broker
- No Brokerage Relationship
Go to Understanding Florida's Types of Agency Representation for more details.
Florida State Statute Requirements
Florida law requires that agency disclosure be made to all buyers and sellers of real estate at the point of first contact. The Brokerage Relationship Disclosure Act found in Section 475.2701 of the Florida Statutes requires all licensed Real Estate agents must disclose agency relationship prior to showing property, first meeting or prior to discussion of negotiations, price, terms, or conditions of a potential sale.
In order for a real estate licensee to establish one of the four authorized relationships, a specific type of written disclosure must be given to the customer on a form prescribed by the legislature and at a designated time in the formation of the relationship agreed upon between the licensee and the principal. A licensee must also be mindful of the duties and responsibilities that go along with each type of relationship and must act accordingly at all times.
Failure of any licensee to timely give appropriate disclosure forms will subject the licensee to disciplinary action by the Florida Real Estate Commission. In addition to disciplinary action by the Florida Real Estate Commission failure to make the disclosure or to abide by the duties of a particular type of relationship will also subject the licensee to civil liability.
You should not assume that any real estate broker or salesperson represents you unless you agree to engage the services of a real estate licensee in an authorized relationship, either as a single agent or as a transaction broker. You are advised not to disclose any information you want to be held in confidence until you make a decision on representation.
In order to eliminate confusion and provide for a better understanding on the part of customers in real estate transactions, the Legislature finds that the intent of the Brokerage Relationship Disclosure Act is to provide that:
(1) Disclosed dual agency as an authorized form of representation by a real estate licensee in this state is expressly revoked;
(2) Disclosure requirements for real estate licensees relating to authorized forms of brokerage representation are established;
(3) Single agents may represent either a buyer or a seller, but not both, in a real estate transaction; and
(4) Transaction brokers provide a limited form of non-fiduciary representation to a buyer, a seller, or both in a real estate transaction.
If you have any questions or would like us to explain this in greater detail please feel free to Contact Us