Talk of The Villages Florida - Closing day walk through

Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)

- The Villages, Florida, New Members Forum (https://www.talkofthevillages.com/forums/villages-florida-new-members-forum-115/)

- - Closing day walk through (https://www.talkofthevillages.com/forums/villages-florida-new-members-forum-115/closing-day-walk-through-289460/)

Quote:

Originally Posted by Midnight Cowgirl (Post 1646351)

Sorry, but you are wrong -- dead wrong!

Some agents DO represent the buyer and that's why they are called a "Buyer's Agent."

Then there are "Transaction Brokers" who show no fiduciary to either the buyer or the seller, but must, by law, handle the transaction fairly for both parties.

An agent can also represent the seller. You really need to know what the differences are before you give out erroneous information.

:boom: So there!

Quote:

Originally Posted by Velvet (Post 1646390)

I used the advice given in these threads at TOTV. DiAngelo told me how to proceed, the listing agent did the walk through and she FaceTimed me. I looked for what the home inspector told me to. I could see for myself everything I wanted to. The listing agent, realizing I was new to buying a house in Florida also suggested and put in a warranty clause for one year for me. The escrow company, Freedom Title, was beyond professional. To avoid email scam I asked them to mail me all documents to my current house. They were also picked up at my house and returned to escrow. I could not be happier with how the remote closing went through.

My daughter and I in separate property purchases have used a buyer's agent to do the walkthrough using FaceTime. If a person is out of state or out of the country one may have no choice. In each case everything came out fine. Of course, if at all possible a buyer should personally do the walkthrough.

Quote:

Originally Posted by manaboutown (Post 1646397)

Who pays has nothing to do with it. Actually, an agent's earnings normally come out of the proceeds from the sale. This is the case for sellers' agents, buyers' agents and transactional agents. If a buyer has a buyer's agency contract with a real estate agent that agent works for the buyer and is legally obligated to represent the buyer, not the seller. A buyer may of course separately hire and pay an agent.

Yes, it does. It's not true that a buyer can enter into a contract with an agent to legally represent them, unless the buyer agrees to pay money to the agent. That is basic contract law. It is not a contract unless both sides provide some type of compensation. I don't know of any real estate agents who offer to represent buyers on a legal basis and to require the buyer to sign a legally binding contract. That is because they represent the seller through the listing agreement, and to represent the buyer would be a conflict of interest. Post No. 37 explains this very well.

Quote:

Originally Posted by retiredguy123 (Post 1646402)

Statutes & Constitution
:View Statutes
:

Online Sunshine

Buyer brokerage - Wikipedia

Quote:

Originally Posted by Bogie Shooter (Post 1646400)

:boom: So there!

Can anyone suggest a licensed real estate agent who will represent me as a buyer's agent, and who will accept no money at closing from the seller's side of the closing statement?

Quote:

Originally Posted by manaboutown (Post 1646404)

Statutes & Constitution
:View Statutes
:

Online Sunshine

Buyer brokerage - Wikipedia

The Wikipedia link refers to a dual agency relationship, which is allowed in some states, but it is prohibited by Florida law. I think that almost all real estate transactions in The Villages are based on a single agency listing contract where the broker represents the seller. But, I would like to know if there are any agents who do offer a buyer's agent contract, because that would be the best way to buy a house.

Quote:

Originally Posted by retiredguy123 (Post 1646418)

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.

You Set the Record Straight!

Quote:

Originally Posted by retiredguy123 (Post 1640705)

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.

Quote:

Originally Posted by manaboutown (Post 1646428)

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???

Many off topic posts have been removed. The OP asked for advice about the walk through prior to closing. The question has been answer and the walk through accomplished. The thread is now closed.

Moderator