Quote:
Originally Posted by retiredguy123
Sorry, but I am not incorrect. Real estate agents do not have a contractual agency relationship with buyers. A fiduciary duty is totally different from a legally binding agency contract. The only legally binding agency contract is between the real estate company and the seller. If the buyer does not pay any money to the real estate agent, then there cannot be a contract. Basic contract law. If a buyer tried to sue a real estate agent for improper representation, the case would be thrown out of court because they do not have a contract for representation. Sellers do have a contract. That is the difference.
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Quote:
Originally Posted by manaboutown
In Florida a transactional agency is presumed.
75.278 Authorized brokerage relationships; presumption of transaction brokerage; required disclosures.—
(1) BROKERAGE RELATIONSHIPS.—
(a) Authorized brokerage relationships.—A real estate licensee in this state may enter into a brokerage relationship as either a transaction broker or as a single agent with potential buyers and sellers. A real estate licensee may not operate as a disclosed or nondisclosed dual agent. As used in this section, the term “dual agent” means a broker who represents as a fiduciary both the prospective buyer and the prospective seller in a real estate transaction. This part does not prevent a licensee from changing from one brokerage relationship to the other as long as the buyer or the seller, or both, gives consent as required by subparagraph (3)(c)2. before the change and the appropriate disclosure of duties as provided in this part is made to the buyer or seller. This part does not require a customer to enter into a brokerage relationship with any real estate licensee.
(b) Presumption of transaction brokerage.—It shall be presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer.
From: Statutes & Constitution
:View Statutes
:
Online Sunshine
I imagine the developer's agents act solely as seller's agents when selling new homes. Whether Villages' listing agents may handle resales as either transactional agents or as seller's agents is an open question to me. MLS agents may legally choose either option but whether an individual agent can go either way likely varies with office policies. I do not know if Villages' agents are allowed to contract as buyers' agents. Probably not as all sales are through the single company. |
Thank you for posting 75.278; you did what I should have done so my comment would have remained and not be deleted. My error!
You clarified among other things, that MLS agents
do have a contractual relationship with their client.
It's interesting that you mention the Villages' agents. I also don't know how they operate, but you have piqued my curiosity with that one! Since they do not have to abide by the National Association of Realtors Code of Ethics, I question what the Villages rules are???