Last Christmas, I went to Charlotte for some holiday cheer and to see some friends who had relocated to the Queen City. 2017 had been a great year for real estate and with all the articles in Forbes
Working With Real Estate Agents In Raleigh
Are you looking to buy or sell a home in Raleigh? One of the first steps in the process is to interview real estate agents. When you meet with an agent, the first thing they should do is explain the Working With Real Estate Agents brochure. It explains "agency" or the relationship between you and the real estate professional representing you. When you enter into an agency agreement, it is the responsibility of the agent to promote your best interests. Any information shared with a real estate agent without a signed agency agreement, may be shared with the other side of the sale.
There are three types of agency in a real estate transaction : Seller's Agent, Buyer's Agent, or Dual Agent.
Seller's Agent: If you are looking to have your home listed for sale, you will sign a listing agreement with an agency. It becomes that firm's responsibility to represent your best interests. That firm must: be loyal, follow your lawful instructions, provide all material facts that affect the transaction, use reasonable skill, care, and diligence, and account for all monies handles by the agent. No confidential information can be given to any potential buyers without your permission. A listing agent can: help you price your property, market the property, provide necessary disclosure forms, negotiate the best possible terms and and price of the property, and review any and all offers on the property. In return, you will pay the listing firm a sales commission, which must be agreed upon in the listing agreement.
Buyer's Agent: The firm with which you sign a Buyer's Agency Agreement must promote your best interests. That firm must: be loyal, follow your lawful instructions, provide all materials facts that affect the transaction, use reasonable skill care and diligence and account for all monies handled by the agent. No confidential information can be shared with a seller without your permission. You may work with a real estate agent without a signed agreement although many firms require their agents to have one signed. BEFORE AN AGENT CAN WRITE AN OFFER TO PURCHASE FOR YOU, A WRITTEN BUYER AGENCY AGREEMENT MUST BE SIGNED.
Dual Agency: A dual agent represents both the buyer and the seller and must be fair and equal to both sides. Both the buyer and seller must be aware of -and consent to- dual agency in writing. You may prohibit dual agents from sharing certain confidential information with the other side of the transaction. A from of dual agency is designated agency in which one agent from the firm represents the buyer and another agent in the firm represents the seller.
Agency is a fiduciary agreement, or one based on trust. Make sure you understand the relationship you are agreeing to. And contact me for a free consult.
Melanie Jones is a real estate broker in Raleigh and the greater Triangle area who is known for her tenacity and passion. The key to her success hinges on one thing: people. Melanie starts every trans....
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