Real Estate Topics - New Law Simplifies Buyer Agency

New Law Simplifies Buyer Agency

During 2001, North Carolina enacted new legislation which allows home buyers to be represented by an agent, using a simplified paperwork process. It remains the agent’s duty to explain the options available to buyers, but consumers don’t have to sign a complicated or restrictive contract upon first meeting a real estate practitioner.

Instead, the agent gives prospects a booklet prepared by the N.C. Real Estate Commission. The consumer signs a receipt for the booklet, and then can “test drive” the agent without making a commitment to work together long-term.

If the consumer and agent make a good team, they continue through the home-finding process. At the time an Offer to Purchase is drafted, a formal Buyer Agency contract is signed. One of the best of such forms is a Non-Exclusive Agency document designed by Paul Folmsbee. It has been reviewed by the Chief Legal Officer of the Real Estate Commission for completeness, without using complicated legal terms.

Remember: If you do not elect to use a Buyer’s Agent, then any agents with whom you work will be representing the Seller. The concept of Buyer Agency allows a consumer to be fully represented in the transaction by someone looking out for his/her interests.

We would be honored to represent you in your next transaction. There are no fees to Buyers, and we preserve all confidential information. We will help you locate and investigate suitable properties, negotiate the most favorable terms, and will remain with you through the entire buying process.