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Buyers Agency Explained:
Why You Need a Buyer's Agent
The concept of who represents whom can be very confusing. We'll try to make it as clear as possible here. There are three types of real estate agency available to a buyer in Florida:
Non-Representative:
The real estate agency law in Florida makes a presumption of non-representation. In other words, unless you engage a licensee to represent you in a real estate transaction, you are not represented and there is no agency relationship between you and that licensee.
Transaction Broker:
The real estate agency law in 1997 created the role of transaction broker. Transaction brokers provide extremely limited representation to a buyer, seller, or both in a single real estate transaction. Transaction brokers cannot represent either buyer or seller in a fiduciary capacity. Some large firms choose to represent buyers as transaction brokers because it limits their liability. We look at transaction brokerage as another form of dual agency, where the broker can collect both sides of the commission. They just changed the name.
Single Agent or Buyer's Agent:
This is the purest form of representation for buyers. Single agents have the full fiduciary duties of dealing honestly and fairly, loyalty, confidentiality, obedience, full disclosure, and accounting for all funds. Single agency is the only form of agency that creates a client-level relationship between the buyer and real estate agent.
We choose to represent buyers only as single agents (buyer's agents). We are not salesmen. Instead, we act as consultants, advisors, and negotiators for our buyer clients. Our expertise and knowledge of the market allows us to provide unique, client-level services while protecting the financial interests and personal needs of the buyer. Our sound professional advice helps you make intelligent decisions and will likewise maximize your opportunities.
