Quote:
Originally Posted by Vic&Judy
Stephen,
Many, if not most agency relationships in Florida are considered "transactional agency" in nature, and as such have no fiduciary responsibility to buyer or seller. While fiduciary relationships are possible, they must be disclosed to all parties in the transaction.
To my knowledge, "dual agency" (representing both buyer and seller) are not permitted. They may exist in certain other states, hence confusion when an out-of-state buyer comes to Florida.
Ask your potential agent to disclose their relationship to sellers and to you as a possible buyer.
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Vic and Judy: It appears that you offer good counsel to the OP, especially if an agent, sales person realtor, broker ,etc is going to claim transactional agency.
I was a fiduciary agent for my company and it is an enormous responsibility. In its simplest form a fiduciary undertakes to act for and on behalf of a buyer or seller. A fiduciary holds both legal and ethical obligations.
If it is true that people selling only village homes are only transactional agents then it leaves one to wonder.
I say this because no matter how many times you have bought or sold a home unless you are a trained expert lawyer, realtor, etc leaving this complicated piece of business to a person who can claim s/he only acted as a go between and not on behalf may leave the buyer/seller in a lurch.
I am of a mind, and people may refer to meas naive, that business transactions must be made openly honestly and ethically which in my meaning is FULL DISCLOSURE
I abhor "gottcha" moments in business dealings.
I do not often make personal recommendations for doctors, dentist realtors lawyers because what you posses now are knowns from your experience but unknowns are out there...just ask the people that invested with Bernie Madoff
Personal Best Regards: