It is best to work with companies that are exclusive buyer agents. They have to apply for accreditation, and if they are someone who works in their company, they have active list agreements. The signing of a contract is the responsibility of each Agency. In North Carolina, all real estate agents work for the seller unless they have a buyer`s agency contract with the buyer. The initial agreement may be oral, but under North Carolina law, there must be a written agreement between the agent and the customer before an offer can be written on behalf of the buyer. What many potential buyers in North Carolina don`t know is that every real estate agent should present them with the “Working with Real Estate Agents” brochure on the first substantial contact. This is a mandate of the North Carolina Real Estate Commission. This is our board of directors here in North Carolina and non-negotiable. In order to briefly sketch out the brochure, it aims to familiarize the potential buyer with the types of agency contracts allowed in North Carolina.
As we all know, real estate laws can vary from state to state. So that`s North Carolina`s way of educating the consumer. Yes! Many real estate companies use brokers who only work with buyers. But if the company accepts offers from sellers, they are not ASAs. They are simply agents who work with buyers most of the time. If ever an agent may be able to represent both the seller and the buyer, the agent is not an exclusive representative of the buyer. The seller`s agency is similar to the buyer`s agency contract because we have the same type of trust with the seller. We always look out for your best interest and comply with all legal instructions. The only fact you need to pay attention to is that if you are a buyer talking to a selling agent, you should be careful not to disclose any financial information that may affect the trading position. The person around you who looks at real estate may very well be a sub-agent of the sellers. Until they tell you that they are a representative of the buyer, they most likely work for the seller.
If they show you their own offers, their agent is for the seller. Be frank with us. Talk to your agent about your concerns and experience. An agreement protects you as much as we do. We are not here to trap you. Quite the contrary. We want to make sure you`re not caught up in a bad deal. We are here to make your home buying process as smooth and hassle-free as possible. IT`S MORE COMPLICATED WHEN AGENTS PLAY A “DUAL” ROLE. A real estate agent or agency may not represent more than one party in the same transaction as with the knowledge and agreement of all the parties for whom the broker acts.
“Dual Agency” is most likely to arise when a buyer represented by a buyer`s agent wishes to purchase real estate listed by that agent`s company. In contrast, real estate companies that represent buyers and have offers are called “Dual Agencies”. In this situation, agents should not defend the buyer or seller. You won`t be able to answer fundamental questions such as “What do you think we should offer for this property?” In a dual agency agreement, the agent is not legally able to advise you on such critical matters. Dual agency is licensed in North Carolina. Now, a double-sided agency can be done both with a single agent and with a company. The alternating agency must be approved by both the buyer and the seller when this happens. If a dual agent is a single agent, they must fully perform their duties as best they can.
However, since they cannot disclose information about their clients, they are reduced to doing all the paperwork and advising neither party, as they have prior knowledge of both parties` finances.