Real Estate Agents
and
Agency Disclosure Law

~ IMPORTANT AGENCY DISCLOSURE INFORMATION ~

Both North and South Carolina real estate law require that I inform you of your options in choosing what type of agency relationship we will employ when I work with you.
In North and South Carolina, real estate brokers and their salespersons are required to disclose the type of working relationship they will have with the buyers and sellers in any real estate transaction. There are several types of relationships that are available to you. Buyer´s Agent and Seller´s Agent relationships are commonly referred to as "agency" relationships and carry with them legal duties and responsibilities for the broker as well as for the buyer and seller.
 
A Buyer's Agent acts solely on behalf of the buyer and owes fiduciary duties and responsibilities to the buyer which include the utmost good faith, loyalty, and fidelity. The agent will negotiate on behalf of, and act as an advocate for the buyer. A separate written buyer´s agreement is required which sets forth the duties and obligations of the parties.
 
A Seller´s Agent (Listing Agent) acts solely on behalf of the seller and owes duties to the seller which include the utmost good faith, loyalty, and fidelity. The agent will negotiate on behalf of, and act as an advocate for the seller. A separate written listing agreement is required which sets forth the duties and obligations of the parties.
 
Dual Agency relationships occur when you become interested in a property listed with your buyer´s agent or the agent´s firm.  You may permit an agent or firm to represent you and the seller at the same time; however, your Buyer´s Agent may only do so with your written permission.  Your buyer´s agent will ask you to sign a separate agreement or document permitting him or her to act as agent for both you and the seller.

Key Points: 

1)  The Seller is always represented by his or her listing agent, and by law the agent must seek to represent the best interests of the seller. 
2)  If you sign a Buyer Agency Agreement with your agent, he or she is required by law to represent your best interests. 
3)  If you do not sign a Buyer Agency Agreement with your agent, he or she is required by law  to represent the best interests of the seller and not you. 
4)  Compensation:  Normally, the seller, through the MLS listing agreement, pays the Buyer Agent commission, not you.
5)  Your real estate agent can represent you when working with For Sale By Owners by obtaining a signed compensation agreement from the seller. 
Note:  You will be asked to sign an acknowledgment that your agent has in fact discussed, explained, and given you a copy of this document.     IT IS NOT A CONTRACT!   You are just acknowledging that your real estate agent has complied with the state real estate law.
In summary: 

If you are the BUYER, and I have an Exclusive Buyer Agency Agreement with you . . . I represent you and your best interests.  

  • Without that authorization from you, the buyer, licensing law requires that I represent the seller as a "subagent", and that I attempt to obtain the best possible price for the seller. 
  • By not authorizing me to be your Exclusive Buyer Agent, you are stating that you do not want representation from me and that you understand that I will be representing the seller. 
  • I will always seek compensation from the seller first.

If you are the SELLER and I have your listing . . . I represent only you and I am committed to looking out after your best interests.

 


Go to Buyer Resources or Seller Resources to find the entire text of the North Carolina Real Estate Commission's "Working with Real Estate Agents."