What is Agency? Why does it matter?
When you see a listing online on Zillow or Realtor.com, there is usually an attractive picture of a real estate agent next to the post. Or if you drive down the street and see a For Sale sign, there is a real estate broker’s name and number on the sign. Or if you walk into a new home sales office, a very helpful and smiling agent will greet you! All of these situations have one thing in common - the agent represents the SELLER and NOT YOU! Their job is to get the seller the best deal possible on the terms the seller wants! As professionals, they will be friendly and helpful, but be careful - they do not represent your interests! To protect yourself and have a professional represent YOU, please contact Robert Collins at the Collins Real Estate Agency before you engage with the seller’s agent. CLICK HERE
North Carolina has created a revised ‘Working with Real Estate Agents Disclosure’ for effective January 1, 2022. You can find a link to the form here. There is one page for the Seller and one page for the Buyer. For more detailed information, the North Carolina Real Estate Commission has also created a bulletin!
All Agency relationships in North Carolina need to be in writing. The Working with Real Estate Agents Disclosure form should be signed by the buyer and seller at the first Substantial Contact in a Sales transaction. What does that mean? This occurs when the buyer or seller discusses personal or confidential information that could be used against them in negotiations. Stating what sales price would be acceptable, reason and timing needed to move or reasons to buy would all be Substantial Contact which would necessitate the signing of the Working with Real Estate Agents Disclosure.
This should make it clear who is representing the Seller and/or Buyer. When representing a Seller or Buyer, we ensure Obedience, Loyalty, Disclosure, Confidentiality, Accounting and Reasonable Care and Diligence. This is a Fiduciary responsibility for the Real Estate Broker.
Thinking about Buying, Selling or Investing in Real Estate in the Charlotte and Union County markets? Contact the Collins Real Estate Agency today and we can help!