Representation

Most people interested in buying or selling a home work with a Realtor. Realtors help to bring buyers and sellers together and facilitate the purchase process. Tampa Bay Realtors are normally paid a commission by the seller. The fact that a seller pays commission, however, does not necessarily mean that a buyer’s Realtor has any fiduciary relationship with a home seller.

Who Represents You

Who is looking out for your interests? The legal relationship with a real estate professional is referred to as an agency relationship. When it comes to representation in a real estate transaction, you have options. A Realtor can represent a buyer, a seller, neither party, or they can serve as a transaction broker who owes each party confidentiality while putting the agreement together.

Florida Statutes

In 2010, the State of Florida Statutes authorized multiple types of agency relationships. A real estate agent may serve as either a transaction broker, as a single agent with buyers and sellers, or without a brokerage relationship. A Florida real estate agent may not operate as a disclosed or non-disclosed dual agent who represents, as a fiduciary, both the buyer and the seller. The State of Florida now presumes that all licensees are operating as transaction brokers unless otherwise disclosed in writing. A transaction broker 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 (see Seven Duties of a Transaction Broker). Other relationships include: single agent relationship and non-brokerage relationship.

For a discussion of the types of agency relationships, see: Real Estate Representation or the Wikipedia entry.

Annette, Doug and Dale Bohannon of Coldwell Banker Residential Real Estate in Tampa, Florida are ready to discuss all of your options and rights.