Nc Dual Agency Agreement

In North Carolina, if you decide to help a real estate agent buy or sell a home, there are different types of representations (or types of agencies). As a buyer or seller, it`s important to understand these different roles that an agent and their business can take on. The first thing to note is that buyers and sellers are represented by the company, not by a single agent. So if you decide to list your home with Kay Fisher & Associates, you`ll be technically represented by the company we work with, Keller Williams. This is not only the case in our company, it is the law. So, if you decide to list your home with XYZ Realty agent Suzie, your deal is not with Suzy Agent, but with XYZ Realty. That doesn`t mean you`re working with someone other than Suzy, but technically, the company represents you, so if something happens to Suzy, you`ll still be represented by the company. If a real estate agent chooses to be a double agent, he receives a double commission, since he represents both the buyer and the seller. For this reason, they may be tempted not to pass on important information to the buyer or seller, fearing that the deal will collapse and lose double commissions. Legal and ethical issues may also arise because the agent works alone without a second agent being involved. Buyers and sellers are generally unaware of the legal impact of a transaction and may not be aware that an agent is promising against the law or participating in unethical behavior to ensure that the transaction is completed.

If the two agree on the price and there are no glaring problems that appear in the inspection report, the agent can negotiate the sale with relative ease. Unfortunately, this is extremely rare. Almost all buyers and sellers will want to negotiate certain elements of the transaction, be it the list price, closing costs or repairs. Although the laws and rules governing dual representation have not been subject to significant review by the courts, a dual agent theoretically owes the full range of agency obligations to both contracting authorities. This creates practical problems for the double agent on issues such as disclosing essential facts (including confidential information about a client) and customer support. While the positive aspects of dual agency may seem tempting, the disadvantages of most transactions tend to outweigh the advantages. The buyer does not pay a commission to the real estate agent; the commission is the responsibility of the seller. The seller pays the real estate company on its product and the company then pays the cooperating real estate company that takes over the buyer….