This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties. Additionally, parties are giving up their rights to the undivided loyalty of the licensee.
Limited representation means that a buyer or seller is not responsible for the acts of the licensee. 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 andħ. Any additional duties that are entered into by this or by separate written agreement. THIS CHANGE IN RELATIONSHIP CANNOT OCCUR WITHOUT YOUR PRIOR WRITTEN CONSENT.Īs a transaction broker, (insert name of Real Estate Firm and its Associates), provides to you a limited form of representation that includes the following duties:ģ. Using skill, care, and diligence in the transaction Ĥ. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer ĥ. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing Ħ. Limited confidentiality, unless waived in writing by a party. To gain the principal’s written consent to a change in relationship, a licensee must use the following disclosure:įLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO REPRESENT A BUYER OR SELLER AS A SINGLE AGENT TO CHANGE FROM A SINGLE AGENT RELATIONSHIP TO A TRANSACTION BROKERAGE RELATIONSHIP IN ORDER FOR THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE TRANSACTION BY PROVIDING A LIMITED FORM OF REPRESENTATION TO BOTH THE BUYER AND THE SELLER.
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