| Working with North Carolina Real Estate Agents |
| North Carolina Real Estate Commission |
| When buying or selling real estate, you may find it helpful to have a
real estate agent assist you. Real estate agents can provide many useful
services and work with you in different ways. In some real estate
transactions, the agents work for the seller. In others, the seller and
buyer may each have agents. And sometimes the same agents work for both
the buyer and the seller. It is important for you to know whether an
agent is working for you as your agent or simply working with you while
acting as an agent of the other party. This article addresses the various types of working relationships that may be available to you. It should help you decide which relationship you want to have with a real estate agent. It will also give you useful information about the various services real estate agents can provide buyers and sellers, and it will help explain how real estate agents are paid. SELLERS Seller's Agent If you are selling real estate, you may
want to "list" your property for sale with a real estate firm. If so,
you will sign a "listing agreement" authorizing the firm and its agents
to represent you in your dealings with buyers as your seller's agent.
You may also be asked to allow agents from other firms to help find a
buyer for your property. The listing firm and its agents must...
Once you have signed the listing agreement, the firm and its agents may
not give any confidential information about you to prospective buyers or
their agents without your permission so long as they represent you. But
until you sign the listing agreement, you should avoid telling the
listing agent anything you would not want a buyer to know. To help you sell your property, the listing firm and its agents will offer to perform a number of services for you. These may include
For representing you and helping you sell your property, you will pay
the listing firm a sales commission or fee. The listing agreement must
state the amount or method for determining the commission or fee and
whether you will allow the firm to share its commission with agents
representing the buyer. You may even permit the listing firm and its agents to represent you and
a buyer at the same time. This "dual agency relationship" is most likely
to happen if an agent with your listing firm is working as a buyer's
agent with someone who wants to purchase your property. If this occurs
and you have not already agreed to a dual agency relationship in your
listing agreement, your listing agent will ask you to sign a separate
agreement or document permitting the agent to act as agent for both you
and the buyer.
BUYERS "For real estate consumers, the one credential to look for is the Accredited Buyer Representative (ABR®) designation from the Real Estate Buyer's Agent Council of the National Association of REALTOR'S®" -Kiplinger's Personal Finance Magazine- When buying real estate, you may have several choices as to how you want
a real estate firm and its agents to work with you. For example, you may
want them to represent only you (as a buyer's agent). You may be willing
for them to represent both you and the seller at the same time (as a
dual agent). Or you may agree to let them represent only the seller
(seller's agent or subagent). Some agents will offer you a choice of
these services. Others may not. Duties to Buyer If the real estate firm and its agents represent you, they must
Once you have agreed (either orally or in writing) for the firm and its
agents to be your buyer's agent, they may not give any confidential
information about you to sellers or their agents without your permission
so long as they represent you. But until you make this agreement with
your buyer's agent, you should avoid telling the agent anything you
would not want a seller to know.
If you have a written agency agreement, the agent can also help you
prepare and submit a written offer to the seller. You may permit an agent or firm to represent you and the seller at the
same time. This "dual agency relationship" is most likely to happen if
you become interested in a property listed with your buyer's agent or
the agent's firm. If this occurs and you have not already agreed to a
dual agency relationship in your (written or oral) buyer agency
agreement, your buyer's agent will ask you to sign a separate agreement
or document permitting him or her to act as agent for both you and the
seller. It may be difficult for a dual agent to advance the interests of
both the buyer and seller. Nevertheless, a dual agent must treat buyers
and sellers fairly and equally. Although the dual agent owes them the
same duties, buyers and sellers can prohibit dual agents from divulging
certain confidential information about them to the other party.
This can best be accomplished by putting the agreement in writing at the
earliest possible time. If the real estate agent or firm that you contact does not offer buyer
agency or you do not want them to act as your buyer agent, you can still
work with the firm and its agents. However, they will be acting as the
seller's agent (or "subagent"). The agent can still help you find and
purchase property and provide many of the same services as a buyer's
agent. The agent must be fair with you and provide you with any
"material facts" (such as a leaky roof) about properties. |
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