When buying or selling a home in Sarasota, it is important to understand the different types of relationships you may have with your real estate professional.
Realtors can work with clients in different capacities, the key distinction is whether they act as an agent with fiduciary duties or in a non-agency role with limited obligations. Florida law defines these relationships to ensure clarity and protect consumers.
Types of Agency Relationships
-
Single Agent – The highest level of representation. A single agent owes full fiduciary duties, including loyalty, confidentiality, obedience, and full disclosure. This type of relationship is ideal for those who want dedicated representation.
-
Transaction Broker – The most common relationship in Florida. A transaction broker provides limited representation to both buyers and sellers without full fiduciary duties. They must deal honestly and fairly, provide limited confidentiality, and disclose all known facts that affect property value.
-
No Brokerage Relationship – The real estate professional does not represent the buyer or seller but must still deal honestly, disclose material facts, and account for all funds.
Choosing the Right Relationship
Whether you’re a seller or buyer, you should consider your specific needs when deciding on representation. Those seeking full advocacy may prefer a single agent, while those comfortable with more flexibility may opt for a transaction broker.
But Why Do I Need To?
Understanding these relationships will ensure that you make informed choices and receive the appropriate level of service. Before signing any agreement, ask your real estate professional about their role and what duties they owe to you.
Kelli Eggen
Luxury Real Estate Agent
