Years and years and years ago different real estate agents had different listings. That is no longer the case. All agents in a given area, usually the same county, have access to the same real estate listings. This is the result of the Multiple Listing Service otherwise known as the MLS. The MLS has been around for decades and is now on the internet for everyone to see. Real Estate agents do have access to a much more detailed search than that available to the general public. For instance there are dozens and dozens of search criteria on the Marion County MLS. Sitting down with a good real estate agent and developing a list of wants and needs and must haves and then using that list for a detailed search can save a lot of time and frustration.

Finding an agent to work for you is the first step in your home search. After all, the seller pays your representative to work for you. Where else can you get a deal like that? The most important thing is to find someone you like and can trust. After all, we all can show you the same houses.

One of the first things an agent will talk about is something called agency. It's actually a state law that you have to be made aware of the different types available. You will be asked to sign a disclosure form after agreeing on a type of agency. You don't have to sign but a form of agency will exist.

Before going further you should realize that even though it seems like you are hiring an agent to work with you are really hiring the broker for whom the real estate agent is an independent contractor.

There are 4 types of agency in Florida: single agent, transaction agent, transition to transaction agent and no agency. Dual agency, where one agent has a fiduciary relationship with both parties, is not legal in Florida due to an obvious conflict of interest.

A single agent has a fiduciary relationship with either a buyer or a seller but not both. This is a relationship of confidence and trust. A single agent is an active advocate who works in your best interest.

The duties a single agent owes to a buyer or seller include the following:
1. Dealing honestly and fairly
2. Loyalty
3. Confidence
4. Obedience (within the scope of the law)
5. Disclosure
6. Accounting for all funds
7. Skill, care and diligence in the transaction
8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing
9. Disclose all known facts that materially affect the value of residential property and are not readily observable

A transaction broker does not have a fiduciary relationship with either party and does not owe loyalty, confidence or obedience and has a limited form of confidentiality. A transaction broker is an intermediary who facilitates a transaction but is not an advocate for either party.

A transaction broker's duties are:
1. Dealing honestly and fairly;
2. Accounting for all funds;
3. Using skill, care, and diligence in the transaction;
4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;
5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
6. Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential;
7. Any additional duties that are mutually agreed to with a party.

A transition to a transaction broker happens when you have a single agent who also has a listing that you would like to see. To avoid a conflict of interest that agent can no longer be your single agent.

In Florida you don't have to have a broker agreement. You can choose a no broker agreement. In which case the agent owes the following:
1. Deal honestly and fairly.
2. Disclose all known facts that affect the value of residential property that is not readily observable to the buyer.
3. Account for all funds.

This is a lot of legal stuff but it is intended for your protection and is important to understand. You should never talk about anything of a personal or financial nature until you do the required agency disclosures. You should note that these are legal responsibilities that come with working with an agent and are not present in private transactions like a For Sale by Owner.

Another form of representation is the Buyer Broker agreement. This is strictly voluntary agreement where the buyer agrees to work exclusively with just one agent. Large commercial property owners have be doing this for years and most insist on this type of agreement. A good agent will spend a lot of time and effort on a client's behalf and in return only asks for the client's loyalty. If you aren't familiar with an agent, signing an agreement for a limited period of time, a week for example, will let you see if working together is a good fit. Not asking for an agreement could be a red flag. Is this agent desperate for work? Always ask questions.

One of the most important steps in a home search is getting pre approved for financing. There are several advantages to seeing a lender early in the process. First is that it doesn't cost anything. You find out exactly how much house you can afford. If you do have any credit issues a good mortgage broker can advise you on how to improve your score. Finally when you find a house the seller will see you the same as cash buyer which will improve your negotiating position.

The next step would be sitting down with your buyer's agent and determining what you must have in a house and what you'd just like to have in a house. Although on the surface this may seem like a waste of time it's actually quite a time saver. It will make you think about what's really important to you in your next home and in the end you'll be happier with your purchase. A good agent will use this information to prescreen properties for you either online or in person before setting up an appointment to view homes.

Once you've found the right house it's time to make an offer. Your agent should research what similar homes in the area have recently sold for and with this information you can decide on an offer. A good agent should present the offer to the seller in person to be sure the offer is presented in the best possible light.

After negotiations have been finalized you have to meet a number of dead lines. Here is an area where it's important to have an agent who keeps on top of things. Home inspection, property appraisal and the loan process must be kept on track and all dead lines have to be met. The ultimate conclusion would be a successful closing.

Whether you're moving to Ocala from out of state, a first time buyer or buying your 10th home, it's important to understand the process and always ask questions.