The “Working With Real Estate Agents” brochure is, under North Carolina law, a brochure that all real estate agents are required to provide to a client upon their first substantial contact or when they meet you for the first time. It’s really a neat resource that explains two different ways an agent can represent you in a real estate transaction.
In the old days, when you worked with an agent, you were essentially only working with seller’s agents. When you went to go view a property, it was kind of like that old statement, “Anything you say can and will be held against you”—that agent was required to report back to their seller any material fact presented that may be relevant in negotiating a deal with you.
In the early 90s, North Carolina came out with something called an exclusive buyer agent. This agent is paid by the seller, but they represent you both. Now, a buyer’s agent and a seller’s agent are required to do a few key things for each of their parties:
- Promote your best interests
- Be loyal
- Follow your lawful instructions
- Provide you with all material facts that could influence your decision in a deal
- Use reasonable skill, care, and diligence in working with clients
- Account for all money associated with the transaction
If you’re a buyer, you’ll want to sign a written buyer agency agreement; this allows the agent to work in your best interest to research the property and ensure that you’re making the best investment possible.
There’s another type of agency in North Carolina called dual agency. Dual agency occurs when you’re looking at a listing that was listed by the agent representing you, or their firm. A dual agent’s job is to be like a referee in a boxing match—their job is to be neutral and to report back to each side any material facts relevant to the deal. Essentially, they represent no one in the transaction.
If you have any questions about this topic or if you have ideas about topics for future videos you’d like to see, don’t hesitate to reach out to us. Until then, make it a great day!
