Form 160 - Working With Real Estate Agents (Page 3 of 4) in pdf

Form 160 - Working With Real Estate Agents Page 3

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.

If you choose the “dual agency” option, remember that since a dual agent's loyalty is divided between

• •

parties with competing interests, it is especially important that you have a clear understanding of

what your

• •

relationship is with the dual agent a n d

what the agent will be doing for you in the transaction. This can best be

accomplished by putting the agreement in writing at the earliest possible time.

Seller's Agent Working With a Buyer

If the real estate agent or firm that you contact does not offer buyer agency or you do not want them to

act as your buyer agent, you can still work with the firm and its agents. However, they will be acting as the

seller's agent (or “subagent”). The agent can still help you find and purchase property and provide many of the

same services as a buyer's agent. The agent must be fair with you and provide you with any “material facts”

(such as a leaky roof) about properties.

But remember, the agent represents the seller - not you - and therefore must try to obtain for the seller

the best possible price and terms for the seller's property. Furthermore, a seller's agent is required to give the

seller any information about you (even personal, financial or confidential information) that would help the seller

in the sale of his or her property. Agents must tell you in writing if they are sellers' agents before you say

anything that can help the seller. But until you are sure that an agent is not a seller's agent, you should

avoid saying anything you do not want a seller to know.

Sellers' agents are compensated by the sellers.

FOR BUYER/SELLER

This is not a contract

Date

Firm Name

Agent Name

License Number

Disclosure of Seller Subagency

(Complete, if applicable)

When showing you property and assisting you in the purchase of a property, the above agent and firm will

represent the SELLER. For more information, see “Seller's Agent Working with a Buyer” in the brochure.

______________

Agent's Initials Acknowledging Disclosure:

The North Carolina Real Estate Commission

P.O. Box 17100 Raleigh, North Carolina 27619-7100

919/875-3700 Web Site:

REC 3.45 1/1/09

Page 3 of 4

FORM 160

NC REC 1/1/2009

Form 160 - Working With Real Estate Agents Page 3