Client? Customer? What kind of relationship do you have with your Cape Coral real estate pro? Maybe you’re unsure of what’s expected from the agent you have hired to either help you buy or sell a home. Florida’s real estate brokerage relationships are a little different than many areas. Every relationship between a real estate licensee and consumer (that means you!) is automatically presumed to be as a transaction broker.
What is a Cape Coral transaction broker? Transaction brokers are real estate agents that do not have a client relationship but a customer relationship; there is no written contract between the parties and limited representation is provided to the customer. A transaction broker has 7 requirements to the customer:
- Dealing honestly & fairly
- Accounting for all funds
- Using skill, care and diligence
- Disclosing all known facts that materially affect the value of residential property not readily observable by the buyer
- Presenting all offers/counteroffers in a timely manner unless directed otherwise in writing
- Limited confidentiality unless waived in writing
- Any additional duties mutually agreed to
What if you want more from your Cape Coral real estate agent? Not comfortable with no confidentiality? Single agent notice might be for you. This is a client relationship with a written contract. In addition to the same duties above, a single agent must also
- Full disclosure
And what if you don’t want any of the above? No brokerage relationship is an option that must be in writing to the buyer or seller. An agent with no relationship to the customer is only required to
- Account for all funds
- Deal honestly and fairly
- Disclose all known facts that materially affect residential real estate which are not readily available to the buyer
This conversation doesn’t seem to come up as often as others when working with Cape Coral buyers and sellers but it is an important topic. The terms of your representation should be discussed and put in writing. Knowing expectations from the start will ensure a positive experience for everyone, especially you.