Transaction Brokerage Agreements
A broker who acts as an Transaction Broker in a
transaction does not represent either party. He may not do anything that
would give any party to the transaction an advantage over any other party.
Extremely limited in services he can offer to either party. Also know as
Facilitator, Intermediary, Mediator, or Non-Agent. Caution: This form
of agency offers a reduced level of service and should never be considered
unless you are very knowledgeable about real estate.
FLORIDA LAW REQUIRES THAT REAL ESTATE
LICENSEES OPERATING AS TRANSACTION BROKERS DISCLOSE TO BUYERS AND SELLERS
THEIR ROLE AND DUTIES IN PROVIDING A LIMITED FORM OF REPRESENTATION.
As a transaction broker,
Turn Key Realty, and its associates, provides to you a limited
form of representation that includes the following duties:
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 counter offers 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 then those offered, or of any other
information requested by a party to remain confidential; and
7. Any additional duties that 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.
