Our Team's Free Reports

Should I Work With A Buyer's Agent? 
A Seller's Agent? A Transaction Broker?

You should understand from the beginning of your relationship with your real estate agent what type of relationship exists. In most states, real estate agents (both brokers and sales associates alike) are required by law to let consumers know whether they represent the buyer, the seller, both or neither.

In the past, real estate agents represented the seller exclusively, whether the agent helped a seller to market and sell the home or helped a buyer find and purchase the home. In other words, agents were at one time legally bound to represent the seller in a residential real estate transaction. In that same scenario, the seller paid both the listing agent and the agent who brought the buyer.

Keep in mind that real estate laws differ from state to state and even from locale to locale. And within this framework of variety, laws can change. Be sure that you understand and are comfortable with the options involved when you engage the services of a real estate agent.

The Greg Gorman Team works as Transaction Brokers. In Florida, here is what is required of us by the State:

Transaction Broker Notice

From Broker _________________________________

Important Notice

Florida Law requires that Real Estate Licensees provide this notice to potential sellers and buyers or real

You should not assume that any real estate broker or salesperson represents you unless you agree to engage a real estate licensee in a unauthorized brokerage relationship, wither 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.

TRANSACTION BROKER NOTICE: FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES OPERATING AS TRANSACTION BROKERS DISCLOSE TO BUYERS AND SELLERS THEIR ROLE AND DUTIES IN PROVIDING A LIMITED FORM OF REPRESENTATION.

As a transaction broker, the Broker named above and its Associates provides to you a limited form of representation which includes the following duties:

1. Dealing honestly and fairly;
   
2. Accounting for all funds;
   
3. Using skill, care and diligence in the transaction;
   
4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;
   
5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
   
6. 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 the 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
   
7. Any additional duties that are entered into by this or by separate written agreement.

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.

Signed: _______________  ______________  Date: _______