In yesterday's blog I talked about the different kinds of Real Estate Agents youÂ might find yourself
Sellers Agents, Duel or Designated Agents and Buyers Agents.
Today I want to get somewhat more specific and define the role and duties of Buyers Agents.
What exactly is a buyers agent?
A buyers agent is an agent contracted to work specifically for andÂ in the bestÂ interest of the buyer/client.
The buyer's agent owes fiduciary (trust) duties to the buyer. They must act with skill care and diligence, disclose all material facts, keep track of all monies involved in the transaction, act with loyalty and confidentialityÂ in other words,Â act in the buyersÂ best interest. They provide their expertise to the "buyer/client" alone, while treating all other parties fairly and honestly.
To take advantage of this level of service becoming a "buyer client"Â usually involves signing a buyer agency agreement. YouÂ are a "buyer customer" until you enter into an exclusive buyerÂ agency contract with a real estate agent. In North Carolina you can carry on an implied buyer agency agreement but when you enter into aÂ contract to purchase property the buyer agency agreement must be executed.
When talking with the listing agent orÂ the seller's agent or a builder's agent you are only a "Â buyerÂ customer" and their fiduciary duty remains with the seller. Anything you say can be used to negotiate in favor of the seller and does not have to remain confidential. The sellers agent must treat you fairly and honestly but remember they are acting in the best interest of the seller.
to be continued....
Have a great day
From REBAC Home Buyers Toolkit