When real estate brokers or agents  work with sellers and buyers, "agency" relationships are established. As you start working with a real estate professional, please ask for a clear explanation of the current agency laws in your state, so that you understand these important issues. There are three kinds of agency relationships in North Carolina: Buyer’s Agent: A "buyer’s agent" represents the buyer during the home buying process. The buyer’s real estate broker (agent) has a fiduciary responsibility to represent the buyer’s best interests including reasonable care, loyalty, disclosure and confidentiality throughout the real estate transaction. Exclusive Buyer's Agency in the form of a signed agreement provides the most fiduciary responsibility to the homebuyer.

Seller’s Agent: A "seller’s agent" represents the interests of the seller and has a fiduciary responsibility of reasonable care, loyalty, confidentiality and disclosure to the seller. A seller’s real estate broker (agent) works to assist the seller in locating a buyer and in negotiating a transaction suitable to the seller’s specific needs. When a home is listed for sale with a Realtor, that Realtor and the Realtor's real estate brokerage are the Seller's Agent. It extends even further. Any other Realtor or real estate broker that shows the home are Seller's Agent's UNLESS the Realtor has been retained as a Buyer's Agent as described above. The Seller's Agent cannot be retained as a Buyers Agent on the same transaction but can sell the home under Disclosed Dual Agency as described below.

Disclosed Dual Agent: A "disclosed dual agent" represents the interests of both the seller and the buyer, during the same transaction. A dual agent has responsibilities to both seller and buyer and must act in the best interests of both parties while maintaing reasonable care and confidentiality of sensitive information and disclosing material facts about the property. The best contract is where everyone walks away smiling but no one walks away laughing.

Elizabeth Snide
                   704.222.7343   LizSnide@YourCharlotteHome.com

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