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Agency Relationships for Home Buyers

Agency is a legal term which describes the relationships between a purchaser, seller, and the brokers and agents who represent them and give them advice. It is important to understand terms that describe the relationship. See why by reading on ....... Or watch this Video by Beth Troutman from The Balancing Act.

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Single Agency, Exclusive Buyer Brokers

Buyer's BrokerExclusive buyer brokers and their agents are 100% loyal to buyers 100% of the time as true fiduciaries -- they work exclusively for home buyers. They completely avoid the conflict of interest that inevitably arises when trying to represent both buyers and sellers in the same transaction. Consequently, exclusive buyer brokers never take property listings from sellers. They adhere to a strict Standard of Practice and Code of Ethics. Their obligations to home buyers include negotiating for the lowest price and most favorable terms for the buyer. They also conduct an extensive search for property, sometimes give buyers reasons not to buy, advise them on property flaws for negotiation purposes, and they render opinions of value.

This is our favorite choice (of course) and the number one recommendation of consumer advocates!

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Buyer Agent Dual BrokerNon-Exclusive Buyer's Agents

These buyer agents work in brokerages where listing agents represent sellers. Some of them specialize in providing buyer agency service but will resort to "transaction broker agency" when the buyer is interested in a property listed by their own firm. When interviewing this type of agent you need to ask how they handle conflicts of interest.

This is the next best choice if you can’t find an exclusive buyer broker to work for you.

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Seller's AgentSeller's Agents

These traditional agents represent the property seller in all dealings with potential buyers.  Many traditional agents are “listing machines” and specialize in the listing side of the business.  They treat buyers as customers and while helpful in providing information and showing property, they are legally bound to negotiate the best price and terms for the seller and to disclose to the seller all they know about the buyer (including your top dollar!!)

An adequate choice for sophisticated home buyers who can conduct their own research (property value, environmental, community, schools, etc.) and do their own due “DUE DILIGENCE”. But if you do not get a discount on the commission, why lose out on the opportunity to get representation at no additional cost?

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Transaction BrokersTransaction Brokers

Under Florida law, brokers are not just "allowed" to be, but are "assumed" to be "Transaction Brokers" unless they disclose otherwise, in writing. They must be "fair and honest", "account for funds", and disclose material facts.... But they don't have to be "loyal or obedient" to their customers. They represent the "Transaction"........ Does that sound like they represent you?

Under this arrangement both the buyer and the seller agree to give up their rights to loyalty, advocacy, opinions of value, and negotiating help.

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