Understanding NC Real Estate Law and Agent’s Relationships with Buyer Clients
North Carolina’s Research Triangle Real Estate Market comprised of: Wake County, Orange County, and Durham County is more professional and sophisticated than most of North Carolina (NC) and the entire US. Wake County, North Carolina Real Estate Marketplace is also very competitive. Therefore, when you are choosing a Wake County Realtor or Raleigh Real Estate Agent serving Raleigh, Cary, Durham, Chapel Hill, Hillsborough, Carrboro, Garner, Apex, Knightdale, Wendell, Zebulon or anywhere in the real estate residential communities in the RTP/Research Triangle Park area, it is imperative that you protect yourself by doing your home work. Interview several Realtors and Raleigh real estate agents to be sure you feel good about the services you will receive.
For detailed information about North Carolina Real Estate Law, the following link will take you to the North Carolina Real Estate Commission: www.ncrec.gov .
If you are seeking a Real Estate Agent in North Carolina, it is important that you read the following brochure produced by the NC Real Estate Commission “Working With Real Estate Agents.” The following link will take you to this brochure in PDF format: workingwagents.pdf.
Points to consider after you read the brochure “Working With Real Estate Agents:”
The brochure does not explain that you may choose another type of Buyer’s Agent – Exclusive Buyer Agent
- They can guarantee you 100% loyalty from start to finish. They will never ask you to accept Dual Agency, and there is never any conflict of interest.
- Exclusive Buyer Agencies have access to all properties on the market, including those listed by all other Real Estate agencies and For Sale By Owner (FSBO) properties.
- For the Exclusive Buyer’s Agent, Buyers are their ONLY business. And you will receive 100% Exclusive Representation for absolutely no additional cost
You need to know the kind of NC Realtor representation to which you are agreeing:
Before you begin working with ANY Raleigh-Durham-Chapel Hill Real Estate Agent you should know who the real estate agent represents in the transaction. WorkingwAgents.pdf or use this Real Estate Buyer’s Agent Interview Questionnaire.
- If you contact a Raleigh real estate agent, Wake County Realtor or Raleigh Real Estate agency named on the yard sign, or an Raleigh real estate agent at new home construction sites, they will be working for and representing the Seller.
- All Wake County Realtors and Raleigh Real Estate Agents, prior to showing you any home or property, are required to disclose to you for whom they will be working. They are required by North Carolina Real Estate Law and the North Carolina (NC) Real Estate Commission to explain the brochure “Working with Real Estate Agents“.
If a home buyer wants a buyer’s agent to represent him in purchasing a property, the buyer should enter into a ‘Buyer Agency Agreement’ with the agent.
- Some ‘Buyer Agency Agreements’ contain a clause asking you to agree to “DUAL” Agency (see below).
- It is important that you understand the difference between a Buyer’s Agent working for a company that also works for sellers, and an Exclusive Buyer’s Agent that ONLY works for Buyers . (See Types of Buyer’s Agents)
IT’S MORE COMPLICATED WHEN AGENTS PLAY A “DUAL” ROLE. A real estate agent or agency may represent more than one party in the same transaction only with the knowledge and consent of all parties for whom the agent acts. “Dual Agency” is most likely to occur when a Buyer represented by a Buyer’s agent wants to purchase property listed by that agent’s firm.
- With “Dual Agency” you no longer have an Agent representing you Exclusively but you are now sharing your Agent with the Seller.
Use this Real Estate Buyer’s Agent Interview Questionnaire link to help with selecting a Triangle Realtor or Raleigh real estate agent.
If you would like to learn more about Exclusive Buyer Representation or would like to have FOR HomeBUYERS, Inc. represent you exclusively in your home purchase you may arrange a no obligation presentation by calling or texting (919) 219-9878 or Allen@ForHomeBuyers.com.