New Port Richey, Florida Real Estate Blog

I am sorry, but you are my Customer not my Client

I am sorry, but you are my Customer not my Client

Most of my past transactions I have been a single agent representing a client in a transaction with

Fruits Real Estate Services, Inc.  

My former company

The obligations I had to a client were

  1. Loyalty
  2. Confidentiality
  3. Obedience
  4. Full Disclosure
  5. Dealing Honestly & Fairly
  6. Accounting for all Funds
  7. Skill, Care & diligence in the transaction
  8. Disclosing all known facts that materially affect the value of residential real property and are not readily observable.
  9. Presenting all offers and Counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and

However in Florida Real Estate Salespeople & Brokers are by default Transaction Brokers.  

The obligations I have now to a customer are:

 

  1. Dealing Honestly and fairly;
  2. Accounting for all funds;
  3. Using skill, care and diligence in the transaction
  4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer
  5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
  6. Limited confidentiality, unless waived in writing by a party.  This limited Confidentiality will prevent disclosure  that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and
  7. Any additional duties that are entered into by this or by separate written agreement.
Limited representation means that a buyer or seller is NOT RESPONSIBLE for the acts of the licensee.

Additionally, parties are giving up their rights to the undivided loyalty of the licensee.  This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties

So what does this all mean.  In past years I almost exclusively acted as a Single Agent working for my clients best interest

Benefit from the Power of the Rock

My new firm Prudential Tropical Realty does not allow  single agency.  And just why would they do that?
Limited representation means that a buyer or seller is NOT RESPONSIBLE for the acts of the licensee.  It protects you from culpability from the actions of your REALTOR®. 

All information provided is deemed reliable but is not guaranteed and should be independently verified.

Properties subject to prior sale or rental

 

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All entries on this blog, unless noted otherwise, is the copyrighted content (2009-present) of Daniel J. Hunter, REALTOR®, and is believed to be true and factual, but it is not guaranteed or warranted.

All information should be independently verified.

 

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7 comments • Daniel J. Hunter • July 22 2010 11:15PM