This is the information found about Buyer's Agents in the North Carolina brochure called "Working with Agents".
Duties to Buyer: If the real estate firm and its agents represent you, they must â€¢ promote your best
interests â€¢ be loyal to you â€¢ follow your lawful instructions â€¢ provide you with all material facts that
could influence your decisions â€¢ use reasonable skill, care and diligence, and â€¢ account for all monies they
handle for you. Once you have agreed (either orally or in writing) for the firm and its agents to be your buyerâ€™s
agent, they may not give any confidential information about you to sellers or their agents without your
permission so long as they represent you. But until you make this agreement with your buyerâ€™s agent,
you should avoid telling the agent anything you would not want a seller to know.
Unwritten Agreements: To make sure that you and the real estate firm have a clear understanding of what
your relationship will be and what the firm will do for you, you may want to have a written agreement. However, some firms may be willing to represent and assist you for a time as a buyerâ€™s agent without a written agreement. But if you decide to make an offer to purchase a particular property, the agent must obtain a written agency agreement. If you do not sign it, the agent can no longer represent and assist you and is no longer required to keep information about you confidential. Furthermore, if you later purchase the property through an agent with another firm, the agent who first showed you the property may seek compensation from the other firm.
Be sure to read and understand any agency agreement before you sign it.
Services and Compensation: Whether you have a written or unwritten agreement, a buyerâ€™s agent will perform a number of services for you. These may include helping you â€¢ find a suitable property â€¢ arrange financing â€¢ learn more about the property and â€¢ otherwise promote your best interests. If you have a written agency agreement, the agent can also help you prepare and submit a written offer to the seller. A buyerâ€™s agent can be compensated in different ways. For example, you can pay the agent out of your own pocket. Or the agent may seek compensation from the seller or listing agent first, but require you to pay if the listing agent refuses. Whatever the case, be sure your compensation arrangement with your buyerâ€™s agent is spelled out in a buyer agency agreement before you make an offer to purchase property and that you carefully read and understand the compensation provision.
This is the official information about Buyer's Agency. Let me say that if you purchase a property that is listed on the MLS, the Buyer's Agent's commission is paid by the seller thru the listings agreement that the seller has made with their agent. Even though you do not pay the Buyer's Agent's commission, you wil be receiving the full representation and help of your Buyer's Agent.
There is more information on my website about Buyer's Agents if you look under the "Buyer/Seller/Owner" button.
Let me know if you have any other questions.
Have a blessed day.
thank you for posting such a good question. It is sure to help others in your situation.
Terri and Dale pretty much summed up the need for and the duties of a buyer's agent.
All buyers should have a buyer's agent on their side for any real estate transaction. It's just plain, smart,
good business. You should also know that buyer's agents are almost always paid their commission by the seller as expressed in their contract.
If you are looking in Concord or it's surrounding areas, I would very much like to help you. I can send to you any info you may want to see beforehand and then happily explain it to you.
The Suddreth Group
You are commiting yourself to work with a specific agent when you sign a Buyer Agency Agreement. That agent should have your best interests at heart & guide you through the home buying process- from showing property, to negotiating a contract, working through repairs, to closing and so much more. I would be happy to send you a sample agency agreement, so you can read through it and see the commitment involved on both sides. I always give my prospective buyers a trip out to look at property which gives us both time to get to know each other. It is important to have a good "fit" between you and your agent and this is a great time for you to ask questions of the agent and also the agent to ask you questions about your goals.
I would be happy to answer any other questions you may have regarding this process or meet with you at your convenience. Please don't hesitate to contact me.
Best of luck!