Brokerage Disclosure / Agency
The Florida Brokerage Relationship Disclosure Act of 1997, as amended, prescribes the types of relationships a broker may have with a customer and the types of disclosures required in a real estate transaction. A disclosure from agent to customer must be presented to the customer just prior to entering into an employment agreement or the showing of residential property, whichever occurs first. No brokerage disclosure is required for commercial property transactions.
Single Agency:
Sellers' Agents are employed by the Seller and represent only the Seller.
The Agency created by a Listing Agreement is a good example.
Buyers' Agents are employed by the Buyer. Fiduciary duties owed to the Buyer principal are the same duties, as those owed to the seller.
Brokerage companies cannot act as single agent for both the seller and buyer in the same transaction. They will obtain permission to transition to another form of agency called a "Transaction Agency".
Transaction Agency:
Transaction Brokers have chosen not to assume or maintain an agency relationship.
When a Brokerage is representing both the seller and the buyer of property
they act as facilitators of the transaction. This is used when the Brokerage
Company of the agent of the buyer also holds the listing on the home being
purchased.
No Brokerage Relationship is also authorized.
You will learn more about the various Agency Disclosures, and the forms, when we meet personally. It is important to know that, by Florida Law, a seller and/or buyer must be presented with a written Brokerage Relationship Disclosure. As a buyer you are not obligating yourself to anything by signing these forms. They are notification only of the agency, or duties, you can expect from the licensed Florida real estate agent and their brokerage. You may also find more detailed information by going to www.state.fl.us , Business and Professional, Real Estate section, and searching for the Florida Statute 475.
