When real estate professionals work with sellers and buyers, "agency" relationships are established. As you start working with a real estate professional, please ask for a clear explanation of the current agency laws in Florida, so that you understand these important issues. Prudential Network Realtors throughout Jacksonville and St Augustine Florida operate under a Single Agency relationship.
There are three kinds of agency relationships:
Single Agency - Seller's agent
A "seller's agent" represents the interests of the seller and has a fiduciary responsibility of reasonable care, loyalty, confidentiality and disclosure to the seller. A seller's real estate professional (agent) works to assist the seller in locating a buyer and in negotiating a transaction suitable to the seller's specific needs.
Single Agency - Buyer's agent
A "buyer's agent" represents the buyer during the home buying process. The buyer's real estate professional (agent) has a fiduciary responsibility to represent the buyer's best interests including reasonable care, loyalty and confidentiality.
A "buyer's Transaction agency” refers to the professional (agent) facilitating the real estate transaction by assisting both the buyer and seller, but a licensee will not work to represent one party to the detriment of the other party. Florida Law requires that when a broker (Prudential Network Realty) and their agents are involved with both the listing side and the selling side of a transaction, the professionals involved must work in a transaction agency relationship. Transaction agency requires providing honest and fair dealing with all parties, accounting for funds, using skill, care, and diligence in the transaction, disclosing all known facts that materially affect the value of the property and are not readily observable, present all offers and counter offers in a timely manner, and limited confidentiality. The buyer nor the seller is responsible for the acts of the licensee.