Information For Buyers and Sellers
 

What You Should Know As a Seller:

• Brokerage Relationship Disclosure
• Single Agent Notice
• Transaction Broker Notice
• Consent to transition to transaction Broker

BROKERAGE RELATIONSHIP DISCLOSURE
FLORIDA ASSOCIATION OF REALTORS

IMPORTANT NOTICE

FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES PROVIDE THIS NOTICE TO POTENTIAL SELLERS AND BUYERS OF REAL ESTATE.

You should not assume that any real estate broker or sales person represents you unless you agree to engage a real estate licensee in an authorized brokerage relationship, either as a single agent or as a transaction broker. You are advised not to disclose any information you want to be held in confidence until you make a decision on representation.

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SINGLE AGENT NOTICE

FLORIDA LAW REQUIRES THAT ESTATE LICENSEES OPERATING AS SINGLE AGENTS DISCLOSE TO BUYERS AND SELLERS THEIR DUTIES

• Dealing honestly and fairly

• Loyalty

• Confidentiality

• Full disclosure

• Accounting for all funds

• Skill, care, and diligence in the transaction

• Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing

• Disclosing all known facts that materially affect the value of residential real property and are not readily observable

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TRANSACTION BROKER NOTICE

FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES OPERATION AS TRANSACTION BROKERS DISCLOSE TO BUYERS AND SELLERS THEIR ROLE AND DUTIES IN PROVIDING A LIMITED FORM OF REPRESENTATION.

• Dealing honestly and fairly

• Accounting for all funds

• Using skill, care and diligence in the transaction

• Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer

• Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing

• Limited confidentiality, unless waived in writing y 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

• 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, parities 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 parities.

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CONSENT TO TRANSITION TO TRANSACTION BROKER

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.

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Financing Your Home >Your Financial Cushion When you calculate how much you will need to purchase a home you will add up the down payment and closing costs. It is also a good idea to leave yourself with some financial cushion to cover the incidental expenses associated with moving. First, you will have to pay the moving company unless you can find friends with strong backs who will help you. Then many buyers plan to do some work, such as painting, replacing carpet, or refinishing floors. If you are moving into a larger space, you may find yourself making some major furniture purchases within a few months of closing. A financial cushion is important enough that some lenders require buyers to have an amount in the bank equivalent to two or three months mortgage payments. This is especially true for buyers who are putting less than ten percent down. Your real estate agent can give you guidance. A lot depends on your overall financial situation. If your mortgage is a relatively low percentage of your monthly income, you will be able to rebuild a comfortable amount of savings in a few months. See All Tips In The "Financing Your Home" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

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