Transaction Brokerage Florida

[Nick VanDer Sluis]

Hello-

My wife and I are under contract to purchase a condo that we had made an offer on in Destin, FL after calling the listing agent directly. I indicated over the phone we were not represented but did not get it in writing that there was no Brokerage Relationship unfortunately. 

So, long story short I asked him how commissions were handled and he stated that he was now my transaction broker and would be collecting both of the sell and the buy sides instead of issuing a credit to me at closing like I expected beings I was representing myself., or so I thought. 

My questions are as follows: 

Do I need the no Brokerage relationship form prior to making an offer through the listing agent? 

Even though FL law assumes transaction brokerage do I still need to sign the agreement to make the agency as we only signed the offer? 

Thanks for your insight here as we learn the ropes of another state I guess. Seems to me this is a shady practice and is what has given realtors such a bad reputation when they do these things. Have a great day thanks in advance for any and all advice I appreciate it. 

[Matt "Roar" Gardner]

@Nick, I'm sorry to hear that this agent doesn't want to play ball with you. While transaction broker is assumed in Florida, that definitely doesn't mean that he is unable to only take half of the commission. The commissions around here vary wildly, anywhere from 4% - 8% total that is typically split. Because the market is so hot right now, there has been a trend of certain seller agents taking 60% and only offering 40% to the buyer agent.  

It sounds like that agent is either very confident it will sell (with or) without you or just taking the risk of losing you as a buyer in an attempt to earn more money. 

To answer your questions specifically:

-You can change your brokerage relationship at any point.

-As transaction broker is assumed, you never need to sign something for that to be true. 

I hope that helps!