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Why Would Someone Sign A No Brokerage Relationship?
February 19th, 2007 categories: Tampa Real Estate, Keller Williams, Tampa Florida Real Estate, Tampa FSBOs, Tips for Sellers
One of the great things about web marketing is that you can see what search phrases your visitors use to find your site. The title of this post was an actual search phrase that someone used on a search engine. They then found this site because I had previously mentioned the “no brokerage relationship” agreement. So I figured I’d answer the question for them and anyone else who may someday get here via the same query.
As Realtors we have a fiduciary responsibility to those whom we represent. Florida law allows for Realtors to represent their clients in one of two ways. In a “single agency” representation, the buyer’s or seller’s real estate brokerage represents the interests of their client alone. The brokerage cannot represent the seller and buyer of a property in a single agency form of representation. In single agency, the agent is looking out for the client’s interest alone and has no fiduciary responsibility to the other party in the transaction.
But what if you as a buyer want to use the agent who represents the seller to write an offer for you and assist you through the process? You must then agree to the second type of representation, a “transaction brokerage” relationship. This means that you agree to let one agent/broker assist both the seller and buyer in facilitating the transaction. You’ll have to give up the right to undivided loyalty from any agent. The agent has to become the middle-man and just assist with the transaction instead of singularly representing either side.
The “No Brokerage Relationship” form is simply a disclosure that says “We don’t represent you, but here are our duties to you nevertheless.” As Florida Realtors, we have to provide this disclosure to buyers and sellers whom we do not represent before dicussing certain things with them.
Here’s an example:
Let’s say that you are a buyer of residential real estate and you drive-by a home for sale that sparks some interest. You call the number on the sign in the yard and the agent who represents the seller agrees to come over quickly and show you the home. That agent should provide the disclosure before showing you the home. This lets you know that the agent does not represent your interests in any way. That agent is representing the seller of the home. And if you verbally go ga-ga over the home in front of the agent, that agent may now have an advantage in any negotiations with you and/or the agent you may eventually bring in.
If you are provided the “No Brokerage Relationship” disclosure by an agent, just realize that that agent is saying “I don’t represent you and your interests”. Whether you are a buyer or seller of Florida real estate, be careful of what you say to an agent who does not represent you. You may be giving up valuable information that could give that agent and his/her client a distinct advantage over you in any negotiations. Better yet, get your own agent and have them represent you as a single agent. Why not have someone on your side?
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Not to mention that single agent representation for buyers is usually free.
[…] Florida does allow this type of representation. Many states allow “dual-agency”, in which a single agent can represent both parties in a real estate transaction. However Florida allows a “transaction brokerage” in which a single agent or single brokerage firm can work with both seller and buyer to facilitate the transaction. But neither party gets full representation. Can you see the conflict here? Many do not. The agent has to stay in the middle and provide a limited form of representation. Both parties must give up their right to single agency representation. Related Info […]