Keeping it REAL Estate - Discussing Buyer Agency
In this video I will discuss the four types of buyer agency in North Carolina as found on the Working with a Real Estate Agent form.
Buyer Agency: If you agree, the agent who gave you this form (and the agent’s firm) would represent you as a buyer agent and be loyal to you. You may begin with an oral agreement, but your agent must enter into a written buyer agency agreement with you before making a written offer or oral offer for you. The seller would either be represented by an agent affiliated with a different real estate firm or be unrepresented.
Dual Agency: Dual agency will occur if you purchase a property listed by the firm that represents you. If you agree, the real estate firm and any agent with the same firm (company), would be permitted to represent you and the seller at the same time. A dual agent’s loyalty would be divided between you and the seller, but the firm and its agents must treat you and the seller fairly and equally and cannot help you gain an advantage over the other party.*
Designated Dual Agency: If you agree, the real estate firm would represent both you and the seller, but the firm would designate one agent to represent you and a different agent to represent the seller. Each designated agent would be loyal only to their client.*
Unrepresented Buyer: The agent who gave you this form may assist you in your purchase, but will not be representing you and has no loyalty to you. The agent will represent the seller. Do not share any confidential information with this agent.
*Any agreement between you and an agent that permits dual agency must be put in writing no later than the time you make an offer to purchase.
Moral of the story: Use your own agent. Buyers don't generally pay the commission for their agent, the seller does. Have your own representation.
Check out the video here.