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 representing you as your agent or simply assisting you while acting as an agent of the other party.<\/p>\n\n\n\n
This brochure addresses the various types of agency 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.<\/p>\n\n\n\n
Seller\u2019s Agent<\/strong> Duties to Seller:<\/strong> The listing firm and its agents must \u2022 promote your best interests \u2022 be loyal to you \u2022 follow your lawful instructions \u2022 provide you with all material facts that could influence your decisions \u2022 use reasonable skill, care and diligence, and \u2022 account for all monies they handle for you. 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.<\/strong> You may even permit the listing firm and its agents to represent you and a buyer at the same time. This \u201cdual agency relationship\u201d is most likely to happen if an agent with your listing firm is working as a buyer\u2019s 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 amend your listing agreement to permit the agent to act as agent for both you and the buyer. 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.<\/p>\n\n\n\n Some firms also offer a form of dual agency called \u201cdesignated agency\u201d where one agent in the firm represents the seller and another agent represents the buyer. This option (when available) may allow each \u201cdesignated agent\u201d to more fully represent each party.<\/p>\n\n\n\n If you choose the \u201cdual agency\u201d option, remember that since a dual agent\u2019s loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of \u2022 what your relationship is with the dual agent and \u2022 what the agent will be doing for you in the transaction.<\/p>\n\n\n\n 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\u2019s 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\u2019s agent or subagent). Some agents will offer you a choice of these services. Others may not.<\/p>\n\n\n\n Buyer\u2019s Agent<\/strong><\/p>\n\n\n\n Duties to Buyer:<\/strong> If the real estate firm and its agents represent you, they must \u2022 promote your best interests \u2022 be loyal to you \u2022 follow your lawful instructions \u2022 provide you with all material facts that could influence your decisions \u2022 use reasonable skill, care and diligence, and \u2022 account for all monies they handle for you. Once you have agreed (either orally or in writing) for the firm and its agents to be your buyer\u2019s 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\u2019s agent, you should avoid telling the agent anything you would not want a seller to know.<\/strong> Services and Compensation:<\/strong> Whether you have a written or unwritten agreement, a buyer\u2019s agent will perform a number of services for you. These may include helping you \u2022 find a suitable property \u2022 arrange financing \u2022 learn more about the property and \u2022 otherwise promote your best interests. If you have a written agency agreement, the agent can also help you prepare and submit a written offer to the seller. Dual Agent<\/strong><\/p>\n\n\n\n You may permit an agent or firm to represent you and the seller at the same time. This \u201cdual agency relationship\u201d is most likely to happen if you become interested in a property listed with your buyer\u2019s agent or the agent\u2019s 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\u2019s agent will ask you to amend the buyer agency agreement or 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. Some firms also offer a form of dual agency called \u201cdesignated dual agency\u201d where one agent in the firm represents the seller and another agent represents the buyer. This option (when available) may allow each \u201cdesignated agent\u201d to more fully represent each party. If you choose the \u201cdual agency\u201d option, remember that since a dual agent\u2019s loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of \u2022 what your relationship is with the dual agent and \u2022 what the agent will be doing for you in the transaction. This can best be accomplished by putting the agreement in writing at the earliest possible time.<\/p>\n\n\n\n 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\u2019s agent (or \u201csubagent\u201d). The agent can still help you find and purchase property and provide many of the same services as a buyer\u2019s agent. The agent must be fair with you and provide you with any \u201cmaterial facts\u201d (such as a leaky roof) about properties. But remember, the agent represents the seller\u2014not you\u2014and therefore must try to obtain for the seller the best possible price and terms for the seller\u2019s property. Furthermore, a seller\u2019s agent is required to give the seller any information about you (even personal, financial or confidential information) that would help the seller in the sale of his or her property. Agents must tell you in writing if they are sellers\u2019 agents before you say anything that can help the seller. But until you are sure that an agent is not a seller\u2019s agent, you should avoid saying anything you do not want a seller to know.<\/strong> Sellers\u2019 agents are compensated by the sellers.(Note: This brochure is for informational purposes only and does not constitute a contract for service.) (Complete, if applicable) \u2752 When showing you property and assisting you in the purchase of a property, the above agent and firm will represent the SELLER. For more information, see \u201cSeller\u2019s Agent Working with a Buyer\u201d in the brochure.<\/p>\n\n\n\n Agent\u2019s Initials Acknowledging Disclosure:<\/p>\n\n\n\n Agent Name:<\/p>\n\n\n\n License Number:<\/p>\n\n\n\n Firm Name:<\/p>\n\n\n\n Date:<\/p>\n\n\n\n Agents are required to review this with you and must retain this acknowledgment for their files.<\/p>\n\n\n\n This is not a contract<\/p>\n\n\n\n By signing, I acknowledge that the agent named below furnished a copy of this brochure and reviewed it with me.<\/p>\n\n\n\n Buyer or Seller Name (Print or Type):<\/p>\n\n\n\n Buyer or Seller Signature:<\/p>\n\n\n\n Buyer or Seller Name (Print or Type):<\/p>\n\n\n\n Buyer or Seller Signature:<\/p>\n\n\n\n Date:<\/p>\n\n\n\n Firm Name:<\/p>\n\n\n\n Agent Name:<\/p>\n\n\n\n License Number:<\/p>\n\n\n\n (Complete, if applicable) \u2752 When showing you property and assisting you in the purchase of a property, the above agent and firm will represent the SELLER. For more information, see \u201cSeller\u2019s Agent Working with a Buyer\u201d in the brochure.<\/p>\n\n\n\n Buyer\u2019s Initials Acknowledging Disclosure:<\/p>\n\n\n\n WORKING WITH REAL ESTATE AGENTS 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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"footnotes":""},"class_list":["post-31","page","type-page","status-publish","hentry","post-preview"],"acf":[],"_links":{"self":[{"href":"http:\/\/andersonrealtync.com\/index.php?rest_route=\/wp\/v2\/pages\/31","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/andersonrealtync.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/andersonrealtync.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/andersonrealtync.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/andersonrealtync.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31"}],"version-history":[{"count":3,"href":"http:\/\/andersonrealtync.com\/index.php?rest_route=\/wp\/v2\/pages\/31\/revisions"}],"predecessor-version":[{"id":35,"href":"http:\/\/andersonrealtync.com\/index.php?rest_route=\/wp\/v2\/pages\/31\/revisions\/35"}],"wp:attachment":[{"href":"http:\/\/andersonrealtync.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
If you are selling real estate, you may want to \u201clist\u201d your property for sale with a real estate firm. If so, you will sign a \u201clisting agreement\u201d authorizing the firm and its agents to represent you in your dealings with buyers as your seller\u2019s agent. You may also be asked to allow agents from other firms to help find a buyer for your property.
Be sure to read and understand the listing agreement before you sign it. Your agent must give you a copy of the listing agreement after you sign it.<\/p>\n\n\n\n
Services and Compensation:<\/strong> 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 \u2022 helping you price your property \u2022 advertising and marketing your property \u2022 giving you all required property disclosure forms for you to complete \u2022 negotiating for you the best possible price and terms \u2022 reviewing all written offers with you and \u2022 otherwise promoting your interests.
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 sales commission or fee and whether you will allow the firm to share its commission with agents representing the buyer.Dual Agent<\/strong><\/p>\n\n\n\nBUYERS<\/h3>\n\n\n\n
Unwritten Agreements:<\/strong> To make sure that you and the real estate firm have a clear understanding of what your relationship will be and what the firm will do for you, you may want to have a written agreement. However, some firms may be willing to represent and assist you for a time as a buyer\u2019s agent without a written agreement. But if you decide to make an offer to purchase a particular property, the agent must obtain a written agency agreement before writing the offer. If you do not sign it, the agent can no longer represent and assist you and is no longer required to keep information about you confidential. Be sure to read and understand any agency agreement before you sign it. Once you sign it, the agent must give you a copy of it.<\/p>\n\n\n\n
A buyer\u2019s agent can be compensated in different ways. For example, you can pay the agent out of your own pocket. Or the agent may seek compensation from the seller or listing agent first, but require you to pay if the listing agent refuses. Whatever the case, be sure your compensation arrangement with your buyer\u2019s agent is spelled out in a buyer agency agreement before you make an offer to purchase property and that you carefully read and understand the compensation provision.<\/p>\n\n\n\nSELLER\u2019S AGENT WORKING WITH A BUYER<\/h3>\n\n\n\n
The North Carolina Real Estate Commission P.O. Box 17100 \u2022 Raleigh, North Carolina 27619-7100 919\/875-3700 \u2022 Web Site: www.ncrec.gov REC 3.45 3\/1\/13<\/p>\n\n\n\nDISCLOSURE OF SELLER SUBAGENCY<\/h3>\n\n\n\n
FOR BUYER\/SELLER<\/h3>\n\n\n\n
WORKING WITH REAL ESTATE AGENTS<\/h3>\n\n\n\n
DISCLOSURE OF SELLER SUBAGENCY<\/h3>\n\n\n\n