Quote:
Originally Posted by APovi
My understanding is that the relationship between the buyer and their Realtor is not formally disclosed to the seller. So your closing statement would show 3% to your listing office the 3% to the selling office.
The Commission Split is based on an agreement between the Realtors, not the sellers.
In our area (Residential Real Estate) I am not aware of any/many Realtors who retain the 'AGENT) relationship.
Changing to a 'TRANSACTION BROKER' allows them to work with buyers and seller at the same time without the burden of laws of agency.
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In Florida, an agent cannot serve as a transaction broker without the written consent of the seller.
FLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO REPRESENT A BUYER OR SELLER AS A SINGLE AGENT TO CHANGE FROM A SINGLE AGENT RELATIONSHIP TO A TRANSACTION BROKERAGE RELATIONSHIP IN ORDER FOR THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE TRANSACTION BY PROVIDING A LIMITED FORM OF REPRESENTATION TO BOTH THE BUYER AND THE SELLER. THIS CHANGE IN RELATIONSHIP CANNOT OCCUR WITHOUT YOUR PRIOR WRITTEN CONSENT.
. . . . . . . . . I agree that my agent may assume the role and duties of a transaction broker. (must be initialed or signed) [Florida Stat., sect. 475.278 (3)]
As a seller, I would never provide my written consent to this until there is a signed sales contract with an agreed to price. In fact, as a seller, I do not even want an agent who has a written agreement to represent the buyer to show my house.