Story of a FAR/BAR "As-Is" Contract and 2 Transaction Brokers

By
Real Estate Agent with Florida Luxury Realty SL2337465

In Florida Real Estate Brokers have the option to define their brokerage relationship with their customers or clients.  Here in Florida we have a brokerage relationship with our customers where the Broker operates as a Transaction Broker.  Here are the duties of a Transaction Broker in The Great State of Florida

  • Deal Honestly and Fairly
  • Disclose all known facts that affect the value of the property (positive or negative)
  • Account for All Funds
  • Use Skill, Care and Diligence
  • Present ALL offers and counteroffers
  • Exercise Limited Confidentiality
  • Perform additional duties that are mutually agreed to

This means that as Transaction Brokers our job is to facilitate the transaction for the customer.  We are not obligated to full disclosure, confidentiality, obedience or loyalty as with a "Single Agent".  Transaction brokers are not allowed to share any information with the opposite side of the transaction that can put our customer in harms way.  Having this design we are permitted to assist both the buyer and seller on any transaction.  

Now for the story. I am the listing agent on a condominium being sold "As-Is" for the sellers convenience.  The buyers agent who thoroughly knows what a Transaction Broker is, presented an offer and the negotiations began. The buyer agreed to come up close to what the seller wanted.  The buyers agent offered to give back $500 of her commission to sweeten the pot for the seller and the buyer requested some minor repairs at the higher price. Keep in mind this condo is selling for under $20,000.

I told the buyers agent that we would each give back $250 of our commission and I sent my handyman over to do the repairs.  He charged me $60 for the repair and the buyers agent gave me $30 of that.  

Seller got their price.  Buyer go their repairs. Listing and Selling agents facilitated the transaction and everyone is happy and we have one less listing in inventory.

This was my first transaction with this other agent.  I will refer her to anyone looking for an agent in her area.  She and I got together and facilitated the sale and provided a Win-Win for the customers.  

 

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Michael J. Gallo

Florida Luxury Realty - Gulf Home Sales Team
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