for real estate in Naples Florida
Broker - Salesman
Downing-Frye Realty, Inc.
When purchasing Naples Florida property, always use the services of an experienced Naples Realtor.
Before a Realtor can show you a home or condo, he must give this disclosure about the real estate relationship.
A SINGLE AGENT (Buyer's Agent) has a fiduciary relationship with the buyer.
A TRANSACTION BROKER provides a limited representation to a buyer.
BOTH have the following exact same duties:
1. Dealing honestly and fairly;
2. Accounting for all funds;
3. Presenting all offers and counter offers in a timely manner, unless a party has previously directed
the licensee otherwise in writing;
4. Using skill and diligence in the transaction;
5. Disclosing all known facts that materially affect the value of the residential real property and that
are not readily observable to the buyer.
Where the Single Agent (Buyer's Agent) and the Transaction Broker differ:
The Single Agent (Buyer's Agent) has a duty of loyalty; obedience; confidence to his buyer.
The Transaction Broker has a duty of Limited Confidentiality, unless waived in writing by a party. This limited confidentiality prevents 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, 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 any additional duties that are mutually agreed to with a party.
Many articles have been written that suggest buyers are best served if they work with Buyer's Agents.
Almost all Realtors have the interest of their buyers in mind when attempting to locate properties for them. The most important thing any buyer can do for himself is to be sure to work with a Realtor that has many years of experience and a full knowledge of all the properties in the area.
- Buyer's Agents are a buyer's best bet when looking for Real
- Buyer's get a better price with a buyer's agent.
- Other type agents don't have your best interest in mind.
Most Real Estate companies in Florida and agents working for those companies sell to buyers as Transaction Brokers, not as Buyer's Agents. Buyer's brokers cannot act in their agreed upon relationship with a buyer when it comes to showing and selling properties listed with the company that they work for. The agent must make a transition from being a buyer's agent to becoming a Transaction broker if he is to sell you one of his company's listings. The transition will necessitate both the seller and buyer to sign a form. (paperwork) Also certain showings can sometimes become a problem if you are working with a buyer's agent. (forms and paperwork have to be signed first) As a result, it is possible that the buyer is not being exposed to 100% of the available properties; whereas this is not a problem for the transaction brokers.
A Buyer's Agent can only act as such if he has a written buyer's broker agreement with the buyer. ( a contract between the buyer and the Realtor) It is true that the commission can be paid by the seller and not the buyer, but the contract can also place undo restraints on a buyer once he enters into a written contract with the buyer's agent. Typically, the buyer is restricted by the contract from working with any other Realtors and he is forced to do all of his dealings with that Realtor. This can sometimes be a major problem for the buyer when he discovers that his Realtor possibly doesn't have the experience needed, or cannot perform to the buyer's liking, or there is a clash of personalities.
The single agent arrangement might be a good situation for sellers when the
agent that lists the property is acting as a seller's agent. Under this
arrangement, the agent can have the seller sign an agreement in which the seller
agrees to make a transition over to having the agent act as a transaction
broker in the event someone from his own company would write an offer. If
it is done this way, then the property would wind up being shown to all
prospects. (buyer's agents and transaction brokers)
However, the best situation for some buyers might be to work with an experienced Realtor under the Transaction Broker arrangement of limited confidentiality. With this type of relationship, the buyer is free to go elsewhere anytime he wishes. The Transaction Broker relationship will allow the Realtor to show his clients all properties, whereas under the buyer's broker arrangement, it is possible that certain properties will not be shown.
After a buyer works with a Realtor for a while, he is always free to then engage that Realtor as a Buyer's Broker. A buyer should review how the buyer's agent and transaction broker differ and then decide which gives him the most comfort. More than anything else, it is important that the agent has the full knowledge of the Naples area and that he has the years of experience needed to get the job done.
I know the Naples market well. I've been selling Real Estate in Naples for 20 years. I can work with you without any written contract as a transaction broker, or can work for you under a written contract as a buyer's agent.
Interested in more Naples Real Estate? Sister site: www.naplesfloridarealestatesale.com
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Broker - Salesman
Downing-Frye Realty, Inc.