Ocala Florida Real Estate Brokerage Relationship Disclosure Act
Here is some very important information that all buyers and sellers of Florida Real
Estate should be aware of. A listing agent represents the seller, not the buyer.
If a buyer wants to be represented, they have the right under Florida real
estate law to choose to be represented by a buyers agent. A Buyers Agent doesn't
cost you anything extra, the commission should be
included in the sale price, not added to it. These disclosures are required under Florida Real Estate
Law.
Florida Real Estate Brokerage Relationship Disclosure Act
You should ask any real estate agent at the point of first contact in a
residential sale/purchase who they represent or seek the advice of a
professional Realtor regarding agency disclosure.
Steven and Vickie Whitaker at All Buyers and Sellers Realty of Florida offer Single
Agency to buyers who request Buyer's Representation.
Here are the four types of agency disclosure required under Florida real
estate law when purchasing residential property:
Single Agent
Transaction Broker
Transition to Transaction Broker
No Brokerage Relationship
Go to
Ocala Florida
Real Estate Types of Agency Representation for more details.
Florida
Real Estate Law State Statute Requirements
Florida law requires that agency disclosure be made to all buyers and sellers of
real estate at the point of first contact. The Brokerage Relationship Disclosure
Act found in Section 475.2701 of the Florida Statutes requires all licensed Real
Estate agents must disclose agency
relationship prior to showing property, first meeting or prior to discussion of
negotiations, price, terms, or conditions of a potential sale.
In order for a real estate licensee to establish one of the four authorized
relationships, a specific type of written disclosure
must be given to the customer on a form
prescribed by the legislature and at a designated time in the formation of the
relationship agreed upon between the licensee and the principal. A licensee
must also be mindful of the duties and responsibilities that go along
with each type of relationship and must act
accordingly at all times. Failure of any licensee to timely give appropriate
disclosure forms will subject the licensee to disciplinary action by the Florida
Real Estate Commission. In addition to disciplinary action by the Florida Real
Estate Commission failure to make the disclosure or to abide by the duties of a
particular type of relationship will also subject the licensee to civil
liability. You should not assume that any real estate broker or salesperson
represents you unless you agree to engage the services of a real estate licensee
in an authorized relationship, either 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.
In order to eliminate confusion and provide for a better understanding on the
part of customers in real estate transactions, the Legislature finds that the
intent of the Brokerage Relationship Disclosure Act is to provide that:
(1) Disclosed
dual agency as an authorized form of representation by a real estate licensee in
this state is expressly revoked;
(2) Disclosure
requirements for real estate licensees relating to authorized forms of brokerage
representation are established;
(3) Single
agents may represent either a buyer or a seller, but not both, in a real estate
transaction; and
(4) Transaction
brokers provide a limited form of nonfiduciary representation to a buyer, a
seller, or both in a real estate transaction.
If you have any questions or would like us to explain this in greater detail
please feel free to Contact Us