I was representing the seller as the listing agent for a Destin Florida condominium. My form of representation was “Transaction Broker”, which according to Florida Statute 475.278, means:
2) TRANSACTION BROKER RELATIONSHIP.—A transaction broker provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent. The duties of the real estate licensee in this limited form of representation include the following:
(a) Dealing honestly and fairly;
(b) Accounting for all funds;
(c) Using skill, care, and diligence in the transaction;
(d) Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;
(e) Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
(f) 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 than those offered, or of any other information requested by a party to remain confidential; and
(g) Any additional duties that are mutually agreed to with a party.
An offer came in for this Destin Florida condo that was quite low, almost 30% under list price. The seller countered the offer and gave me permission to state he had previously rejected a higher offer, one that was substantially more than the current offer. I relayed this to the buyer’s agent who blurted out, “Why didn’t YOU accept the other offer?” I was honestly taken aback. I asked the buyer’s agent incredulously, “Me? Do you think I am the seller of this property?” (I thought she was confused!) She laughed it off, “No, no”, but this is a typical expression of representation in my experience, for whatever type of agency relationship is being performed. The buyer’s or seller’s real estate agent will state “WE are countering, WE feel, WE are rejecting”, etc. Who exactly is the “WE”? (Remember, we are not attorneys here.) Even though it may be used casually, it gives one pause to hear this language from a real estate agent, as well as occasionally causing confusion. I am careful not to use the term “WE” or “YOU” in order not to misconvey who is the actual decision-maker in the purchase or sale of a property – the buyer or seller.
It’s Wendy… It’s Sold!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: [email protected]
Wendy Rulnick, Broker, sells real estate in Destin, Santa Rosa Beach, 30A, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Rosemary Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Florida.
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