Florida real estate, fiduciary duties

Photo by Karolina Kaboompics: https://www.pexels.com/photo/hand-shake-of-two-men-7875996/ 

 In Florida real estate, fiduciary duties refer to the obligations an agent has when acting as a fiduciary in a single agent relationship. These duties are rooted in trust and confidence, requiring the agent to act in the best interest of their client, whether the client is a buyer or a seller. The key fiduciary duties in Florida include:

1. **Loyalty:** The agent must act in the best interest of their client above all others, including themselves. This means prioritizing the client's interests and making decisions that benefit the client.

2. **Confidentiality:** The agent must keep all confidential information shared by the client private, even after the agency relationship ends. This includes any information that could harm the client's negotiating position, such as reasons for buying or selling, urgency, or any personal financial details.

3. **Obedience:** The agent must follow all lawful instructions from the client, even if the agent disagrees with them. The only exception is if the instructions are illegal or unethical, in which case the agent cannot comply.

4. **Full Disclosure:** The agent is obligated to disclose all material facts to the client. This includes any information that could affect the client’s decision-making process, such as known issues with a property, market conditions, or other offers.

5. **Accounting:** The agent must account for all funds entrusted to them by the client, ensuring proper handling and documentation. This duty includes keeping accurate records of all transactions and financial dealings related to the client's interests.

6. **Skill, Care, and Diligence:** The agent must perform their duties with the necessary competence and diligence. This includes providing accurate information, properly marketing a property, negotiating effectively, and ensuring all aspects of the transaction are handled professionally.

These fiduciary duties create a legal and ethical obligation for the agent to act in the best interests of their client. Failing to uphold these duties can result in legal consequences and a loss of trust, making it essential for real estate professionals to adhere to these standards rigorously.

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Guillermo "Bill" Sanjurjo Realtor® https://guillermo.realtor Amerivest Realty Cell: 786-232-1400

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