Errol Phillips Company, Realtors ®
Licensed Real Estate Broker
Florida - Maryland
 

 

Sarasota     -     The Beaches     -     Bradenton

What is a Fiduciary or what is known as a true Agent ?

An Agency relationship creates a Fiduciary Relationship with the employer known as a Principal. A Fiduciary acts in a position of trust or confidence for another. The Fiduciary owes complete allegiance to the Principal.

In Florida and in most other States - there are other relationships created by Real Estate Firms with their Customers. In Florida the relationship you are most likely to get is called a ‘Transaction Broker Relationship’

The reason for this is to allow the large brokerages [and small] to have their Licensees conduct business with buyers and sellers within the same Brokerage - as it is illegal and a felony to represent both in the same transaction as a true Agent.

To make matters worse, in Florida, there are no disclosure requirements and the presumption by law is that you will be represented by a transaction broker.

As a buyer, if you want the legal protections afforded by total confidentiality, obedience, loyalty, and full disclosure - you must ask for and execute a legally binding Agency Agreement ...