Understanding agency is one of the most important steps in entering into a relationship or not with a Broker. I have taken the liberty of presenting the exact verbage on the NC Real Estate Commission’s fine brochure: Working With Real Estate Agents on our Condo CanDo® Blog and on our website at www.CondoCanDo.com.
Here it is in a nutshell: Advent of Agency Disclosure and Written Agency Agreements
and I quote: As of January 1st, 1995, licensees were required for the first time: 1) to give prospective buyers or sellers a written document which attempted to explain agency concepts of principal and agent and resulting fiduciary duties at their “first substantial contact? with the buyer or seller, and 2) to obtain a written agency agreement with the seller or buyer at the outset of the relationship. For the first time the rule also acknowledged the possibility of dual agency, which was permitted only with the written agreement of both parties.
It is important that the buyer and the seller have representation in my view…and that it is clearly understood what that means…and because it is real estate it follows that it is in writing.
Further, I believe it is important to present the entire brochure because in Charlotte we have so much new construction. And I often wonder who is representing the buyer.
Working With Real Estate Agents, please check it out on our site.
Lynnsy Logue, The Real Estate Lady® and Condo CanDo®in Charlotte, NC.