If a buyer wants a buyer to represent him when buying a property, the buyer should enter into a “purchase agency contract” with the broker. The buyer agency is an agreement between a company and the client with the latter a particular broker acting as its agent. The buyer`s representative is to always promote your best interests, to follow all legal instructions, to provide you with all the legitimate facts that could in any case influence your decision, in fact, it is a fiduciary relationship in which, as an agent for the buyer, we will always act in your best interest and remain confidential. Now, one thing that most potential clients don`t realize that until you have an agreement with this broker, if you don`t tell them anything about your financial position, how much you can afford or how much you want to spend. Because they don`t work for you until you have an agreement with them in writing or orally. The Dual Agency is licensed in North Carolina. Now the duale agency can perform with a single agent and a company. The duale agency must be approved by the buyer and seller if this happens. If a double agent is a single agent, then they must accomplish their task as they can. However, since they are not able to disclose information about their clients, they are reduced to executing the paperwork and do not advise either party because they have prior knowledge of the finances of both parties.
Now, a company can also be in dual agency if the buyer and seller work for the same company. It can also be characterized as a dual agency when the buyer and seller are represented by agents in the same company, but the responsible broker appoints or “designates” an agent for one of the clients where there is a potential conflict of interest or if the Commission says so, so that the designated agent can represent his clients more broadly. IT`S MORE COMPLICATED WHEN AGENTS PLAY A “DUAL” ROLE. A real estate agent or agency may not represent more than one party in the same transaction as with the knowledge and agreement of all parties for which the agent is active. “Dual Agency” is most likely the case when a buyer represented by a buyer`s representative wishes to acquire a property listed by that agent`s business. It is best to work with companies that are exclusive buyers agents. They have to apply for their accreditation and if it is someone who works in their company, has active list agreements. For more information about North Carolina Real Estate Law, the following link will take you to the North Carolina Real Estate Commission: www.ncrec.gov. What many potential buyers in North Carolina do not know is that every realtor should present them with the Working With Real Estate Agents brochure at first substantial contact. This is a mandate of the North Carolina Real Estate Commission.
It is our board here in North Carolina, and it is non-negotiable. In order to briefly outline the brochure, it aims to familiarize the potential buyer with the types of agency agreements authorized in North Carolina. As we all know, real estate laws can vary from state to state. So that`s the way to educate the consumer in North Carolina.