Working With Real Estate Agents – Buyers
Are you considering buying a house or other real estate? If so, you may want a real estate agent to guide you through the process. Here at the North Carolina Real Estate Commission, we want you to understand the different ways you can work with an agent when buying real estate and the services agents can provide.
You have several choices about how a real estate firm and its agents will work with you. For example, you may want them to represent only you as a buyer agent, or, you may be willing to allow them to represent both you and the seller at the same time as a dual agent. You might even prefer to be unrepresented and work directly with the seller’s agent. Some brokers will offer you a choice of these services, and others may not.
Whether you choose to work with a buyer agent, dual agent, or seller’s agent, that agent must treat you honestly and fairly and tell you about any “material facts” that the agent knows about or should know about that could influence your decisions in the transaction.
The Real Estate Commission has developed a disclosure form called Working with Real Estate Agents to help you understand the different kinds of agency relationships. The form emphasizes the importance of not sharing confidential information with an agent until you know whether the agent represents you. The Real Estate Commission requires every real estate agent to review this disclosure form with you and to ask you to sign it before receiving any confidential information from you or assisting with your purchase.
The Working with Real Estate Agents Disclosure is not a contract. Signing it does not obligate you to work with the agent who presented it to you. Your signature is just an acknowledgement that you have received the disclosure form. The Commission also publishes a brochure entitled, Questions and Answers On: Working with Real Estate Agents.
This brochure explains what a real estate agent’s duties are, what services your agent will provide for you, and how the agent will be paid. You can download the brochure for free from the Commission’s website at ncrec.gov. If you choose to have a buyer agent or firm represent you, they owe you certain duties. First, the firm and its agents must promote your best interests ahead of all others.
They must be loyal to you, follow your lawful instructions, and give you information about the property that could influence your purchasing decisions. Your agent must also use reasonable skill, care, and diligence throughout the process, and account for all money they receive on your behalf.
Working with Real Estate Agents – Sellers
Are you considering hiring a real estate agent to assist you with the sale of your property? Here at the Real Estate Commission, we want you to understand the different ways you can work with an agent when selling your property and the services the agent can provide.
You have several choices about how a real estate firm and its agents will work with you. For example, you may want them to represent only you as a seller’s agent — also known as a listing agent. Or, you may be willing for them to represent both you and the buyer at the same time, as a dual agent. You may also choose to sell the property yourself and to work with agents who represent only the buyers.
Whether you choose to work with a listing agent, dual agent, or buyer’s agent, that agent must treat you honestly and fairly, and tell you about any “material facts” the agent knows about, or should know about, that could influence your decisions in the transaction.
The Real Estate Commission has developed a Disclosure Form called Working with Real Estate Agents to help you better understand what a real estate agent’s duties are, and who they work for in your transaction.
The Real Estate Commission requires every real estate agent to review this Disclosure Form with you and to ask you to sign it before receiving any confidential information from you or assisting with your sale.
The Working with Real Estate Agents Disclosure is not a contract. Signing it does not obligate you to work with the agent who has presented it to you. Your signature is just an acknowledgement that you have received the Disclosure Form.
Once you have a signed listing agreement with a listing firm, the firm’s agents may not give certain confidential information about you to any buyers or buyers’ agents without your permission. Confidential information includes your motivation for selling or your negotiation strategy. For this reason, don’t tell the agent anything that you don’t want a buyer to know until you enter into a listing agreement.
Some of the things you’ll have to address in the listing agreement are the listing price for your property, the firm’s compensation, and the duration of your listing agreement. The listing agreement will explain the firm’s duties to you and your duties to the firm in the sale of your property.
So what are the duties of a seller’s agent? First, the firm and its agents must promote your best interests ahead of all others. They must be loyal to you, follow your lawful instructions, and provide you with any material facts that could influence your decisions.
Consultation/Contact Request
Greenhem Inc.
204 East Main Street
Aberdeen, NC 28315
+ 1 (910) 757-0075
