DAVID BARR, LICENSED FL REAL ESTATE BROKER ASSOCIATE
FLORIDA REALTY
941-993-6853
My 23 years of local real estate experience will be valuable to you as your Venice FL real estate buyer's agent
In Florida, buyer's agents are transaction brokers by default, responsible for certain duties.
Buyer's Agent Duties in Florida
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Dealing honestly and fairly;
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Accounting for all funds;
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Using skill, care, and diligence in the transaction;
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Disclosing all known facts that materially affect the value of residential real property and that are not readily observable to the buyer;
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Presenting all offers and counteroffers in a timely manner, unless directed by the licensee (Realtor/agent) by another party;
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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;
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Any additional duties that are mutually agreed to with a party.
New Buyer's Agent Federal Law
The new National Association of Realtor (NAR) buyer agency (representation) law, effective now, requires real estate agents to clearly outline and define their duties (see above) and compensation structure when representing buyers.
This includes establishing written agreements with buyers that specify how the agent will be compensated (by the buyer or seller), ensuring full transparency about costs and services.
It is designed to prevent conflicts of interest and enhance buyer-agent relationships by making compensation agreements clearer.
The law also emphasizes providing buyers with a more comprehensive understanding of the agent's oblications and how they will be compensated, promoting more informed decision-making.
So what does this mean in real life?
A written agreement about the properties you will be touring, such as price range, features, location, and seller or buyer paid compensation to a buyer's agent, MUST be signed by the buyer and their buyer's agent before viewing a home for sale. This law affects anyone that will be representing you as your buyer's agent.
Buyer's Agent Frequently Asked Questions
Do you need an attorney review?
Can an attorney perform the closing?
Is there dual agency in Florida?
Attorney review of Florida real estate contracts is not necessary. Florida state contract forms and addenda are supplied by the Florida Association of Realtors (FAR), and are legally reviewed and approved for use.
Yes. Attorneys or title companies can perform the closing. Either entity can hold escrow deposits. I can recommend either a title company or real estate attorney for you to compare and choose
Technically, no. By default, Florida Realtors are "transaction brokers". See above for the duties of a transaction broker in Florida.
Testimonial
After listening to our needs, David helped us realize that a single family home would work better for us than a condo.
P.K., Toronto
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