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NOTE:
Effective July 2, 2001, in every
real estate transaction, a real
estate agent shall, at first substantial
contact directly with a prospective
buyer or seller, provide the prospective
buyer or seller with the brochure
“Working with Real Estate
Agents” and explain the different
types of agency law. [NC Real Estate
Commission Rule 21 NCAC 58A.0104(c)]
Please
Read
WORKING
WITH AGENTS
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 It
is important to set out in writing
the reasons that are motivating you
to sell your
current home.
You might ask yourself,
"Why am I selling my home and
what do I expect to accomplish?"
If you have a growing family and you
need more space you may be under less
pressure to get your house ready to
sell than if you were, let's say,
moving to a new city due to career
opportunity.
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An
agent under contract with a buyer,
acts as an agent for the buyer only.
The Buyer’s Agent must renounce
the usual subagency offered by the
listing agreement and must disclose
the buyer agency relationship to the
seller’s agent and firm. |
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 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.
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Agent
duties to Buyers:
- Promote your best interests
- Be loyal to you
- Follow your lawful instructions
- Provide you with all
materials facts that could
influence your decision
- Use reasonable skill,
care and diligence
- Account for all monies
that firms handles for you
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Services
and Compensation:
The compensation (commission
or fee) can be paid by either
the buyer or the seller. Most
sellers agree at the time
that they list their property,
to compensate all agents,
whether they represent the
buyer or the seller. With
a written Buyer Agency agreement,
the agent can help you:
- Find a suitable property
- Arrange financing
- Learn more about the
property
- Help you prepare a written
offer to the seller
- Promote your best interests
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DISCLOSED
DUAL AGENT
An agent acting under a disclosed
dual agency relationship,
may represent both the buyer
and the seller, provided that
there is a signed agreement
by both parties, and that
this dual agency relationship
is disclosed with the written
consent of all parties.
The agent may not disclose
to either party, without the
written consent of the party
adversely affected by the
disclosure, any information
obtained within the confidentiality
and trust of the fiduciary
relationship. The agent must
not disclose to the buyer
that the seller will accept
a price less than the listing
price, nor tell the seller
that the buyer will accept
a price higher than the price
offered. The dual agent basically
acts as a facilitator or liaison
between both parties.
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