Working with
Real Estate
Agents
Printable
brochure:
click here
to upload
the complete
"Working
With Real
Estate
Agents
Brochure"
and
Acknowledgement
Card.
When buying
or selling
real estate,
you may find
it helpful
to have a
real estate
agent assist
you. Real
estate
agents can
provide many
useful
services and
work with
you in
different
ways. In
some real
estate
transactions,
the agents
work for the
seller. In
others, the
seller and
buyer may
each have
agents. And
sometimes
the same
agents work
for both the
buyer and
the seller.
It is
important
for you to
know whether
an agent is
working for
you as your
agent or
simply
working with
you while
acting as an
agent of the
other party.
This article
addresses
the various
types of
working
relationships
that may be
available to
you. It
should help
you decide
which
relationship
you want to
have with a
real estate
agent. It
will also
give you
useful
information
about the
various
services
real estate
agents can
provide
buyers and
sellers, and
it will help
explain how
real estate
agents are
paid.
SELLERS
Seller's
Agent
If you are
selling real
estate, you
may want to
"list" your
property for
sale with a
real estate
firm. If so,
you will
sign a
"listing
agreement"
authorizing
the firm and
its agents
to represent
you in your
dealings
with buyers
as your
seller's
agent. You
may also be
asked to
allow agents
from other
firms to
help find a
buyer for
your
property.
Be sure to
read and
understand
the listing
agreement
before you
sign it.
Duties to
Seller:
The listing
firm and its
agents must
-
promote
your
best
interests
-
be loyal
to you
-
follow
your
lawful
instructions
-
provide
you with
all
material
facts
that
could
influence
your
decisions
-
use
reasonable
skill,
care and
diligence,
and
-
account
for all
monies
they
handle
for you.
Once you
have signed
the listing
agreement,
the firm and
its agents
may not give
any
confidential
information
about you to
prospective
buyers or
their agents
without your
permission
so long as
they
represent
you. But
until you
sign the
listing
agreement,
you should
avoid
telling the
listing
agent
anything you
would not
want a buyer
to know.
Services and
Compensation:
To help you
sell your
property,
the listing
firm and its
agents will
offer to
perform a
number of
services for
you. These
may include
-
helping
you
price
your
property
-
advertising
and
marketing
your
property
-
giving
you all
required
property
disclosure
forms
for you
to
complete
-
negotiating
for you
the best
possible
price
and
terms
-
reviewing
all
written
offers
with you
and
-
otherwise
promoting
your
interests.
For
representing
you and
helping you
sell your
property,
you will pay
the listing
firm a sales
commission
or fee. The
listing
agreement
must state
the amount
or method
for
determining
the
commission
or fee and
whether you
will allow
the firm to
share its
commission
with agents
representing
the buyer.
Dual Agent
You may even
permit the
listing firm
and its
agents to
represent
you and
a buyer at
the same
time. This
"dual agency
relationship"
is most
likely to
happen if an
agent with
your listing
firm is
working as a
buyer's
agent
with someone
who wants to
purchase
your
property. If
this occurs
and you have
not already
agreed to a
dual agency
relationship
in your
listing
agreement,
your listing
agent will
ask you to
sign a
separate
agreement or
document
permitting
the agent to
act as agent
for both you
and the
buyer.
It may be
difficult
for a
dual agent
to advance
the
interests of
both the
buyer and
seller.
Nevertheless,
a dual
agent
must treat
buyers and
sellers
fairly and
equally.
Although the
dual
agent
owes them
the same
duties,
buyers and
sellers can
prohibit
dual agents
from
divulging
certain
confidential
information
about them
to the other
party.
Some firms
also offer a
form of dual
agency
called
"designated
agency"
where one
agent in the
firm
represents
the seller
and another
agent
represents
the buyer.
This option
(when
available)
may allow
each
"designated
agent" to
more fully
represent
each party.
If you
choose the
"dual
agency"
option,
remember
that since a
dual agent's
loyalty is
divided
between
parties with
competing
interests,
it is
especially
important
that you
have a clear
understanding
of
BUYERS
When buying
real estate,
you may have
several
choices as
to how you
want a real
estate firm
and its
agents to
work with
you. For
example, you
may want
them to
represent
only you (as
a buyer's
agent).
You may be
willing for
them to
represent
both you and
the seller
at the same
time (as a
dual
agent).
Or you may
agree to let
them
represent
only the
seller (seller's
agent or
subagent).
Some agents
will offer
you a choice
of these
services.
Others may
not.
Buyer's
Agent
Duties to
Buyer:
If the real
estate firm
and its
agents
represent
you, they
must
-
promote
your
best
interests
-
be loyal
to you
-
follow
your
lawful
instructions
-
provide
you with
all
material
facts
that
could
influence
your
decisions
-
use
reasonable
skill,
care and
diligence,
and
-
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
buyer'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
buyer'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
buyer'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
buyer's
agent will
perform a
number of
services for
you. These
may include
helping you
If you have
a written
agency
agreement,
the agent
can also
help you
prepare and
submit a
written
offer to the
seller.
A buyer'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
buyer'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.
Dual Agent
You may
permit an
agent or
firm to
represent
you and
the seller
at the same
time. This
"dual agency
relationship"
is most
likely to
happen if
you become
interested
in a
property
listed with
your buyer's
agent or the
agent's
firm. If
this occurs
and you have
not already
agreed to a
dual agency
relationship
in your
(written or
oral) buyer
agency
agreement,
your
buyer's
agent
will ask you
to sign a
separate
agreement or
document
permitting
him or her
to act as
agent for
both you and
the seller.
It may be
difficult
for a dual
agent to
advance the
interests of
both the
buyer and
seller.
Nevertheless,
a dual
agent
must treat
buyers and
sellers
fairly and
equally.
Although the
dual agent
owes them
the same
duties,
buyers and
sellers can
prohibit
dual agents
from
divulging
certain
confidential
information
about them
to the other
party.
Some firms
also offer a
form of dual
agency
called
"designated
agency"
where one
agent in the
firm
represents
the seller
and another
agent
represents
the buyer.
This option
(when
available)
may allow
each
"designated
agent" to
more fully
represent
each party.
If you
choose the
"dual
agency"
option,
remember
that since a
dual
agent's
loyalty is
divided
between
parties with
competing
interests,
it is
especially
important
that you
have a clear
understanding
of
This can
best be
accomplished
by putting
the
agreement in
writing at
the earliest
possible
time.
Seller's
Agent
Working With
a Buyer
If the real
estate agent
or firm that
you contact
does not
offer
buyer agency
or you do
not want
them to act
as your
buyer agent,
you can
still work
with the
firm and its
agents.
However,
they will be
acting as
the
seller's
agent
(or
"subagent").
The agent
can still
help you
find and
purchase
property and
provide many
of the same
services as
a buyer's
agent.
The agent
must be fair
with you and
provide you
with any
"material
facts" (such
as a leaky
roof) about
properties.
But
remember,
the agent
represents
the
seller—not
you— and
therefore
must try to
obtain for
the seller
the best
possible
price and
terms for
the seller's
property.
Furthermore,
a
seller's
agent is
required to
give the
seller any
information
about you
(even
personal,
financial or
confidential
information)
that would
help the
seller in
the sale of
his or her
property.
Agents must
tell you in
writing
if they are
sellers'
agents
before you
say anything
that can
help the
seller. But
until you
are sure
that an
agent is not
a seller's
agent, you
should avoid
saying
anything you
do not want
a seller to
know.
Sellers'
agents are
compensated
by the
sellers.
The
acknowledgement
card for
this
document is
available
here for
you to
print, fill
out,
sign and fax
back to:
FAX:
252-586-7955
ATTN: Louis
Leimone
Waterfront
Properties
at Lake
Gaston, Inc
1698 Eaton
Ferry Road
Littleton,
NC 27850
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