Like any profession, real estate has a complex jargon, much of it required by law. If you are new to the real estate market, what is the difference between seller’s agents and buyer’s agents? Should you use the seller’s agent?
The seller’s agent is also the listing agent. This person is contracted by the home owner to sell the home. They are paid by the seller to get the highest price on the home in the quickest time. The seller’s agent is required to report all conversations with the buyer to the seller. In other words, if you tell the seller’s agent that you “can’t live without this house,” the seller will know it. There will be no negotiating.
The buyer’s agent works for the buyer and is paid through the sale proceeds on the house. The buyer’s agent will show you any home, regardless of who is listing it. They will represent you during negotiations and give you their best advice based on market experience. Anything you tell the buyer’s agent stays with that person, unless you give permission to pass it on.
Dual Agent (Seller’s Agents and Buyer’s Agents)
A dual agent acts as both seller’s agents and buyer’s agents, as the buyer’s choice. This type of relationship is not legal in Florida.
Under Florida law, an agent can represent both sides as a transactional broker. In fact, an agent is assumed to act as a transactional broker unless there is a written agreement that they are either the seller’s or buyer’s agent. Always discuss the agent’s status before viewing houses.
If you have questions, please contact us. We are more than happy to explain the sometimes confusing world of real estate.
The professionals at Team 54 are ready to help you find just the right home around the Tampa area. If you want to buy or sell a home, talk to a real estate professional. Joe and Rose LoCicero of Team 54 can help you purchase or sell a home in the Tampa area. Contact them today at (813) 435-5411. You can also use our handy search feature to start your new home search.