Member: NC ASSOC. of REALTORS®
Member: MLS®
Member: MLS®
The following is shown ONLY to aid BUYERS in understanding BUYER AGENCY or using a BUYER'S AGENT and is not to be used as a legal document or as the sole explanation of agent responsibilities to the buyer and/or seller. Jordan Realty Corporation offers all types of agency --seller agency, buyer agency, and dual agency. If you have any questions, please do not hesitate to forward them to the broker-in-charge.
AGENTS WORKING WITH BUYERS
If a buyer wants a buyer's agent to represent him in purchasing a property, the buyer should enter into a "buyer agency agreement" with the agent. The buyer agency agreement should state how the buyer's agent will be paid. Unless some other arrangement is made which is satisfactory to the parties, the buyer's agent will be paid by the buyer. Many buyer agency agreements will also obligate the buyer to pay the buyer's agent no matter who finds the property that the buyer purchases. (NORTH CAROLINA ASSOCIATION OF REALTORS®, INC. Standard Form No. 210)
ABOUT "BUYER'S AGENTS"
A: An Agent or Firm that represents the the best interests of the Buyer in a real estate purchase.
Q: Doesn't the Real Estate Agent working with the Buyer represent him already?
A: No, when a Buyer contacts an Agent, the Buyer must be aware that --in the usual case-- the Agent works on behalf of the Seller to sell the property on terms that are most favorable for the Seller.
Q: How do I benefit when using a Buyer's Agent?
A: If a Buyer wants full representation in a real estate purchase and wants an Agent to work to obtain the lowest possible price and the most favorable terms in a contract, then a Buyer's Agent is necessary.
Q: Who pays the Buyer's Agent?
A: Typically, in our area the Buyer's Agent is paid by the Seller as part of the commission on the property. However, since the Buyer is contracting with the Agent to perform a professional service directly for him, the terms of payment --including amounts and when payment is required-- are indicated as part of the Buyer Agency Agreement
Q: If I choose not to use a Buyers Agent, does this mean that the agents involved will not reveal problems (structural, etc.) with the property?
A: Even if the agent does not represent you, the agent must still be fair and honest and disclose to you all "material facts" which the agent knows or reasonably should know. A fact is "material" if it relates to defects or other conditions affecting the property, or if it may influence your decision to buy or sell. This does not require a seller's agent to disclose to the buyer the minimum amount the seller will accept, nor does it require a buyer's agent to disclose to the seller the maximum price the buyer will pay. (NORTH CAROLINA ASSOCIATION OF REALTORS®, INC. Standard Form No. 210)
FOR ADDITIONAL INFORMATION SEE: "AGENCY DISCLOSURE"
