Full Disclosure in Florida ?

in Florida "ALL" Real Estate Agents are presumed to be " Transaction Brokers". A "Transaction Broker" is a transaction FACILITATOR. A transaction broker can NOT represent YOUR interest, Provide Full Disclosure, provide Complete Confidentiality or Loyalty. He/she can only Facilitate the purchase transaction.

A Florida "Buyers Agent" that you have signed a Single Agency Agreement with can NOT representing you on ALL properties. They can not represent you on listings their brokerage has a listing contracts with and MUST transition to a "Transaction Broker". This requires your consent.

Some Brokerages have 1000's of listing contracts and the Agent's have obligations to Market and Sell these properties under the terms and conditions of the listing contract with the Seller. Buyer Agents working for this brokerage may be restricted to showing only their brokerages listings.

An Agent and his/her brokerage that NEVER takes listings or has Listing Contracts with Sellers, can provide Buyers 100% Buyer Representation (fiduciary representation) from start to finish.

Florida Exclusive Buyer Agents

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Full Disclosure

Most of the real estate agents in Florida work as “transaction brokers”. This allows them to work for the seller and the buyer at the same time. For a buyer that could be costly since a transaction broker is only required to “disclose all known facts that materially affect the value of residential real property and that are not readily observable to the buyer” . If the buyer is not aware that their agent does not have to provide full disclosure regarding the property, something that is “not readily observable to the buyer” may end up costing the buyer money after the property closes. Exclusive Buyer Agents are required by their contract to provide full disclosure. An EBA must report any fact, report or rumor concerning the transaction that might reasonably influence their client’s decision. Anything the EBA discovers about the property or the seller must be disclosed to their client

Research

There is a lot more to buying a home than the final purchase price. A buyer will be investing a large amount of money when they buy a home, so it only makes sense to invest the same amount of time and research before signing on the dotted line. If a buyer wants to be sure that the all the important research gets done; the market analysis, past sales histories, mortgage liens, utility issues, survey issues, etc., etc. then they need to have an agent working FOR them.

An Exclusive Buyer Agent works for their client, not for the seller. There is no potential for conflict of interest since the EBA’s only job is to get the best deal for the buyer. They owe their client full disclosure and diligence from start to finish.

Florida Real Estate

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