Charlotte Exclusive Buyers Agent
Services & Buyer Advantages
The most important thing you can do before you start looking at homes in Charlotte is to interview Charlotte buyers agents.
Choose your buyer's agent before you call about seeing a home - otherwise you may be obligated to use the agent who merely showed you the home you want to purchase, regardless of their negotiating experience or whether their firm will be negotiating on behalf of the seller, too! The listing agent (the company name on the sign) always represents the best interests of the seller. And the buyers agent does too - when buyers purchase a home listed by their buyer agent's company - even if it's not their buyer agent's listing!
For example, your buyer's agent may start out representing you as an "exclusive" buyer's agent, but if you later in love with a home listed by your agent or your agent's company, then your agent can legally only represent you as a "Dual" or "Designated" Agent, and you must sign a dual agency agreement.
When you sign a dual agency agreement, you're giving your agent's firm permission to represent the best interests of you and the seller at the same time. The best choice for buyers is to choose an Exclusive Buyers Agent (EBA) who works for a company that does not take listings or practice dual or designated agency. Here's more about the unique advantages you can only get from an Exclusive Buyer's Agent: Working with an Exclusive Buyer's Agent.
Do you have a home you need to sell? Get an additional cash credit from Carolina Buyer's Agent when your existing home sells!
Carolina Buyer's Agent doesn't represent sellers or take listings, but we can analyze the MLS sales statistics for over 5,000 Realtors® in the Charlotte area, and give you a free referral to the listing agents in your neighborhood who sold their clients' homes at the highest price in the shortest amount of time. And as our buyer-client, you'll get 100% of our referral fee back as an additional cash credit to you when your home sells! Check out our new tool called Real Time Market Snapshot to generate a free report that compares the asking prices to the sales prices for the homes in your ZIP code that sold within the last three months. You can also see the asking price, size and features for each home currently listed in your neighborhood.
Did your last real estate agent explain the risks of dual agency representation before showing you homes? Add your response to our survey question and track the Charlotte Real Estate Sales Prices over the past year at our blog, Charlotte Home Buyer Alert, and become an informed buyer! A designated or dual agent cannot by law give you the same degree of legal protection that an Exclusive Buyer's Agent or EBA can. The only way to ensure that your agent will legally represent only your best interests is to choose an EBA whose company represents buyers only, and does not take listings or practice dual agency.
"Only an EBA can represent your best interests at all times and negotiate only on your behalf on any home you decide to buy," says Tom Early, past president of the National Association of Exclusive Buyer Agents (NAEBA). "The job of a listing agent is to get the seller the highest price on the best terms. The job of an EBA is to get the buyer the lowest price on the best terms, and provide all the facts as to value, market, neighborhood conditions, and obvious physical defects. A buyer's agent who works for a company that takes listings must explain that his company is also legally obligated to represent their sellers' best interests as well."
As a member of NAEBA, Carolina Buyer's Agent is dedicated to promoting the rights and representing the best interests of buyers only in every real estate transaction. NAEBA, founded in 1995 to educate the public about exclusive buyer agency, is an independent alliance of exclusive buyer agents throughout North America whose real estate companies do not take property listings or represent sellers, and who work to preserve the right of buyers to be unconditionally represented 100% of the time when purchasing real estate.
Your Charlotte realty agent can make finding your home an exciting, rewarding experience, but unless you're familiar with the agency disclosure requirements for NC, you risk not getting full representation at some point during the home purchase process. Click Exclusive Buyer Agency Agreement to print a copy of our Exclusive Buyer Agency Agreement and the information in the NC Real Estate Commission Consumer Agency Disclosure.
FAQsBelow are answers to frequently asked questions about Exclusive Buyer's Agency:
- Why should I choose an Exclusive Buyer's Agent (EBA)?
A. If your agent's company exclusively represents buyers, you are assured of your agent's trust and loyalty at all times. If your agent either takes listings personally or works for a company that takes listings, you increase the risk of "designated" agency representation, a form of dual agency where the company is obligated to represent the best interests of the seller and the buyer at the same time. This can result in a conflict of interests for the realty company.
- Who is responsible for paying my EBA's fee?
A. If the home is listed with a Charlotte area realty company, the seller can pay your EBA's fee just like with a "regular" buyer's agent.
- What if I'm interested in a For-Sale-By-Owner ("FSBO") home in the Charlotte area?
A. Your EBA's fee would be included in the sales price, just like it is with an MLS-listed property. And your EBA will do a market analysis to evaluate the asking price too - just like with an MLS-listed home. Since the seller is not paying a listing fee, your EBA may be able to negotiate an even better price for you on a FSBO home than on an MLS-listed property. In addition to Charlotte realty listed on the MLS, your EBA will include Charlotte For-Sale-By-Owner homes in your home search too!
- If I am represented by an EBA, is ok to view homes on my own?
A. Misunderstandings can occur which could jeopardize your negotiating position if you call the homeowner or the listing office directly in response to a "for sale" sign or an advertisement regarding real estate in Charlotte, and make an appointment to see the house on your own. If the home is listed, then you may be obligated to use the agent who showed you the home first if you later decide to purchase that particular home. It's ok to visit "open houses", but make sure to give the agent at the open house the name of your EBA.
- Who will present my offer to the sellers?
A. Most agents do not ask to present their buyer's offer to the seller in person, so the listing agent presents it instead. But this may put you at a negotiating disadvantage. The listing agent represents the sellers, so he or she would not be able to promote your best interests during the offer presentation. An EBA will present the advantages of your offer face-to-face to the sellers and the listing agent at the same time whenever possible.
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 article 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.
SELLERSIf 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.
Seller's AgentDuties to Seller: The listing firm and its agents must promote your best interests be loyal to you follow your lawful instructions provide you with all material facts that could influence your decisions use 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 perform a number of services for you. These may include helping you price your property advertising and marketing your property giving you all required property disclosure forms for you to complete negotiating 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 AgentYou may even permit the listing firm and its agents to represent you and 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. 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 and what the agent will be doing for you in the transaction.
BUYERSWhen buying real estate, you may have several choices as to how you want a real estate firm and its agents to work with you. For example, you may want them to represent only you (as a buyer's agent). You may be willing for them to represent both you and the seller at the same time (as a dual agent). Or you may agree to let them represent only the seller (seller's agent or subagent). Some agents will offer you a choice of these services. Others may not.
Buyer's AgentDuties to Buyer: If the real estate firm and its agents represent you, they must promote your best interests be loyal to you follow your lawful instructions provide you with all material facts that could influence your decisions use reasonable skill, care and diligence, and account for all monies they handle for you. Once you have agreed (either orally or in writing) for the firm and its agents to be your buyer's agent, they may not give any confidential information about you to sellers or their agents without your permission so long as they represent you. But until you make this agreement with your buyer's agent, you should avoid telling the agent anything you would not want a seller to know.
Unwritten Agreements: To make sure that you and the real estate firm have a clear understanding of what your relationship will be and what the firm will do for you, you may want to have a written agreement. However, some firms may be willing to represent and assist you for a time as a buyer's agent without a written agreement. But if you decide to make an offer to purchase a particular property, the agent must obtain a written agency agreement. If you do not sign it, the agent can no longer represent and assist you and is no longer required to keep information about you confidential. Furthermore, if you later purchase the property through an agent with another firm, the agent who first showed you the property may seek compensation from the other firm. Be sure to read and understand any agency agreement before you sign it.
Services and Compensation: Whether you have a written or unwritten agreement, a buyer's agent will perform a number of services for you. These may include helping you find a suitable property arrange financing learn more about the property and other-wise promote your best interests. If you have a written agency agreement, the agent can also help you prepare and submit a written offer to the seller. A buyer's agent can be compensated in different ways. For example, you can pay the agent out of your own pocket. Or the agent may seek compensation from the seller or listing agent first, but require you to pay if the listing agent refuses. Whatever the case, be sure your compensation arrangement with your buyer's agent is spelled out in a buyer agency agreement before you make an offer to purchase property and that you carefully read and understand the compensation provision.
Seller's Agent Working With a BuyerIf 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.
Dual AgentYou may permit an agent or firm to represent you and the seller at the same time. This "dual agency relationship" is most likely to happen if you become interested in a property listed with your buyer's agent or the agent's firm. If this occurs and you have not already agreed to a dual agency relationship in your (written or oral) buyer agency agreement, your buyer's agent will ask you to sign a separate agreement or document permitting him or her to act as agent for both you and the seller. 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. 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 and 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. The acknowledgement card for this document is available here for you to print and sign.
NOTE: The risk of dual or designated agency representation applies when the firm you hire represents both sellers and buyers. Carolina Buyer's Agent represents buyers only, never sellers, so you will never risk dual or designated agency representation when you choose Carolina Buyer's Agent to represent you.
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