Buyers Representation – Antonio Spiriti PA

Antonio Spiriti PA

Real Estate Advisor

Buyer's Representation

Antonio Spiriti PA

There are three ways a Florida real estate agent can represent a buyer:

Transaction Broker

Single Agent

Non-Representative Broker

An agent can only represent a buyer as one of these three.

When a Florida seller offers a commission to agents through homecoin.com, we use the same commission offer for each of these three possible ways of buyer agent representation. This ensures sellers are able to work with the largest number of agents possible. A seller will never pay more than one of the three, since an agent can only represent a buyer in one of those ways.

On the MLS listing form, the same commission will be shown for each type of representation.

Transaction Broker: 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. The duties of the real estate licensee in this limited form of representation include the following:

Dealing honestly and fairly;

Accounting for all funds;

Using skill, care, and diligence in the transaction;

Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;

Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;

Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and

Any additional duties that are mutually agreed to with a party.

Note it is presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer. Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty of the licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.

Single Agent: The duties of a real estate licensee owed to a buyer or seller who engages the real estate licensee as a single agent include the following:

Dealing honestly and fairly;

Loyalty;

Confidentiality;

Obedience;

Full disclosure;

Accounting for all funds;

Skill, care, and diligence in the transaction;

Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and

Disclosing all known facts that materially affect the value of residential real property and are not readily observable.

Non-Representative Broker: A real estate licensee who has no brokerage relationship, owes the following duties:

Dealing honestly and fairly;

Disclosing all known facts that materially affect the value of residential real property which are not readily observable to the buyer.

Accounting for all funds entrusted to the licensee.

Transition From Single to Transaction: Occasionally, for a variety of reasons, it becomes necessary for a single agent to become a transaction broker. This change can be made at any time during the relationship between an agent and a principal, provided the agent gives the transition disclosure and the principal consents to the transition before a change in the relationship. CONSENT TO TRANSITION TO TRANSACTION BROKER form.

Note that this form must be signed by the Principal to be effective. The Consent to Transition to Transaction Broker is the only disclosure form that must be signed. The consent form contains all of the information and disclosures required to become a transaction broker.

Exclusive Buyer Brokerage Agreement – transaction agency (EBBA-6tb)

This form may be used when a broker wishes to act as a buyer’s agent and be paid commission by the buyer. It establishes an exclusive, transaction agency representation with a buyer and provides for a retainer fee.

Exclusive Buyer Brokerage Agreement – single agency (EBBA-6sa)

This form may be used when a broker wishes to act as a buyer’s agent and be paid commission by the buyer. It establishes an exclusive, single agency representation with a buyer and provides for a retainer fee.

Exclusive Buyer Brokerage Agreement – no brokerage relationship (EBBA-6nr)

This form may be used when a broker wishes to act as a buyer’s agent and be paid commission by the buyer. It establishes an exclusive, no brokerage agency representation with a buyer and provides for a retainer fee.