If you are considering buying or selling real estate in the Charlotte or Lake Norman area of North Carolina, there are a few things that you should know before speaking with an agent, so you know where they stand with relaying information to you. (Note that Agent in the following definitions is really the real estate firm, not a specific person)
- Seller’s Agent - Works solely for and is loyal to the seller and anything that a potential buyer discloses to the Seller’s Agent will also be disclosed to the seller. All agents are Seller’s Agents until a Buyers Agency Agreement is verbally committed to or signed (recommended)
- Buyer’s Agent - Works solely for and is loyal to the buyer. A Buyer’s Agent is not to disclose anything to the seller or their agent that may damage the buyer’s interest.
- Subagent - Used if a Buyer’s Agency Agreement is not agreed to or signed, but buyer would like to make an offer on a property. Our company policy does not allow our agents to work under this form of agency. If an agent is a subagent of the Seller’s agent, they might know the property or the seller as well as the actual Seller’s Agent but they are speaking for the seller. (Not available with CENTURY 21 Hecht Realty transactions)
- Dual Agent - Works with both the buyer and seller in the same transaction. Must treat both parties fairly and equally.
- Designated Agent - One person from the firm represents the seller’s as a Seller’s Agent and another person from the same firm is a Buyer’s Agent, without disclosing information about their party to each other (CENTURY 21 Hecht Realty permits Designated Agency)
This is just a short explaination of the 4 forms of agency available to you in North Carolina. For a full description, please read Working With Real Estate Agents, published by the North Carolina Real Estate Commission.
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[...] have been around Road to Real Estate for a while, might have read my post on the various types of agency in North Carolina. There are buyer’s agents, seller’s agents, dual agents, etc. To branch of that a [...]
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