Form 160 - Working With Real Estate Agents

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WORKING WITH REAL ESTATE AGENTS
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 brochure 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.
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Duties to Seller: The listing firm and its agents must
promote your best interests
be loyal to you
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follow your lawful instructions
provide you with all material facts that could influence your decisions
use
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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
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perform a number of services for you. These may include
helping you price your property
advertising and
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marketing your property
giving you all required property disclosure forms for you to complete
negotiating
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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 a n d 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.
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FORM 160
NC REC 1/1/2009

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