WHAT IS FIDUCIARY?
A fiduciary is a person held in a position of trust and confidence. Florida Buyer Broker owes Single Agency fiduciary duties to our buyer clients. The 9 Fiduciary highest duties required by a Florida real estate broker who represents buyers:
FLORIDA BUYER BROKER PROVIDES BUYERS THESE FIDUCIARY DUTIES
Confidentiality – An exclusive buyer’s broker fiduciary duties include withholding the financial status of the buyer from the seller and his agent. The seller’s agent must tell the seller all pertinent information he has about the buyer.
Loyalty – An exclusive buyer’s broker fiduciary duties obligate the buyer’s broker to act at all times in the best interest of the buyer client, to the exclusion of all other interest including his or her own.
Obedience – An exclusive buyer’s broker fiduciary duties obligate the buyer’s broker to obey promptly and efficiently all lawful instructions on behalf of the buyer client.
Accounting for all funds – An exclusive buyer’s broker must account for all entrusted funds.
Dealing honestly – An exclusive buyer’s broker fiduciary duties require the buyer’s broker to deal honestly with all parties to the transaction.
Skill, care, and diligence – An exclusive buyer’s broker fiduciary duties require the buyer’s broker to perform with a higher standard of care concerning the private buyer client.
Presenting all offers and counteroffers – An exclusive buyer broker fiduciary duties include presenting the private buyer clients’ offer to the seller or seller’s agent in a timely manner. Except when the seller has directed their agent otherwise in writing not to present all offers. The seller may have agreed with his agent not to bring any offers under a specific price.
Disclosing all known facts – An exclusive buyer broker fiduciary duties require the exclusive buyer broker to disclose all facts they know about the property and seller to the private buyer client, pertaining to the buyer’s decision to purchase property.
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