Working with Real Estate Agents
What It Means To Work With A Real Estate Agent
Working with a real estate agent (or REALTOR®/broker), is a very important part of ensuring your success as you buy or sell real estate. As a buyer or seller, you have very specific rights and agents have responsibilities toward you. Prior to working with a real estate agent in any residential or commercial real estate transaction, they should cover (and you should sign) the Working With Real Estate Agents Disclosure Form. The WWREA Disclosure Form is not a contract. It should be signed to confirm you received the disclosure from your preferred agent.
*An agent must have an active North Carolina Real Estate License to represent you in the purchase or sale of real estate in North Carolina!
Points to Consider
In a real estate sales transaction, it is important that you understand whether an agent represents you.
Real estate agents are required to (1) review this form with you at first substantial contact - before asking for or receiving your confidential information and (2) give you a copy of the form after you sign it. This is for your own protection.
Do not share any confidential information with a real estate agent or assume that the agent is acting on your behalf until you have entered into a written agreement with the agent to represent you. Otherwise, the agent can share your confidential information with others.
Establishing Seller or Buyer Agency
Per North Carolina Real Estate Law, Seller or Buyer Agency is critical part of any real estate transaction. An agency contract is a more comprehensive agreement that establishes the fiduciary responsibility of the agent in relationship with you. It is important to have this agreement in place prior to working with real estate agent as it serves to protect you and your rights as a buyer or seller.
Points To Consider
At our firm, we are required to have buyer or seller agency signed prior to working with our clients. While signing a contract can be intimidating, here are some facts about the benefits of signing an agency agreement and how we do business that should put you at ease.
Agency agreements allow your agent to represent you in the following
preparing to buy or sell your home
writing contracts (offer to purchase or seller counter offers, addendums, amendments, etc)
negotiating offers
supporting issues that arise during the due diligence period/inspections (eg./repairs and remediations)
overseeing and reviewing transaction paperwork
other situations that come up during your journey
You are able to terminate your contract any time at no cost to you.
Commissions to agents are usually paid by developers, builders, or co-ops between listing and buyers agents except in the case no offer for commission is made; this will be discussed and established through a separate agreement between seller and seller’s agent or buyer and buyer’s agent.
