Nogui's Blog

When you purchase a home in the great state of North Carolina, chances are that you'll be represented by a Buyer Agent. A buyer agent is a licensed real estate agent or REALTOR® that represents your interests in the real estate transaction. This is how Agency relationships are formed, by one person representing the interests of another.

What are the duties owed by the Buyer Agent?

1. LOYALTY. This is the bedrock principle of Buyer Agency. The Buyer Agent is obligated to promote your best interests.

2. Be smart. Use Diligence, Skill and Care to get the best outcome for your real estate transaction.

3. Disclosure. Your agent cannot withhold any information that would affect your decision to purchase a property.

4. Confidentiality. Your agent cannot disclose any information about you to the seller without your permission.

The penalty for violating this trust could range from license suspension to jail time. This is why this relationship is taken so seriously by REALTORS®. Buying a home is probably one of the biggest financial decisions you will make.

Buyer Agency Agreement… -the agreement that is signed by buyer and agent establishing Agency and the terms. Here are some of the terms that agreement covers;

1. Type of property, (residential, commercial) and general location (usually by county).

2. Length of Agreement

3. Compensation for the Firm -the Firm compensates the agent.

4. Duties to the Buyer -loyalty, diligence, presenting offers in a timely fashion, promote your best interests, etc

5. Duties owed by Buyer -working exclusively with the Firm, being available to view properties, pay for any inspections that the buyer may order to examine the property.

Compensation... How does your Buyer Agent get paid? Typically the seller will pay the Buyer Agent fee from commission on the sale. But this is not always the case. The seller, buyer or both can pay.

This is just a  brief description of Buyer Agency,  if you would like more information, don't hesitate to contact me.

Happy house hunting!