Updated April 22, 2024
A Florida buyer agency agreement grants a licensed agent the opportunity to locate a property for a potential buyer and make offers on their behalf. An agent will typically receive compensation in the form of a sales commission when the transaction is complete, although certain brokerages may demand payment in the form of a one-time fee or hourly wage. The agent will have the authority to represent the buyer until a suitable property is purchased or upon the expiration of the contract; four (4) months to one (1) year is standard but any duration is permissible.
Disclosures
Agency Disclosure – Before an agent can represent a buyer, they must disclose their duties to the individual in a written document that can be included in the agency agreement or attached separately.[1]
Transaction Broker Disclosure – If an agent represents a buyer and decides to change from a single agent to a transaction broker, they must first obtain the prior written consent of the buyer.[2]