Lake Norman Real Estate ~ Charlotte Real Estate
Denver • Huntersville • Cornelius • Sherrills Ford • Terrell • Maiden • Davidson • Lincolnton • Stanley • Mooresville • Iron Station • Charlotte
One of the most sincere forms of respect is actually listening to what another has to say.
Bryant H McGill
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3026 Highway 16 North Denver, NC 28037
(704)458-1807 ~ Direct
(704)483-6019 ~ Office
North Carolina Agency and how it works:
BE INFORMED!
Effective July 1, 2001, in every real estate sales transaction, a real estate agent shall, at first substantial contact directly with a prospective buyer or seller, provide the prospective buyer or seller with the following information (NC Real Estate Commission Rule 21 NCAC 58A. 0104 (c).
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Sellers representative. A sellers representative (also known as a listing agent or sellers
agent) is hired by and represents the best interests of the seller. The relationship usually is created by a listing contract.
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Buyers representative. This type of licensee (also known as a buyers agent) is hired by prospective buyers to represent them in a real estate transaction. The buyers rep works in the buyers best interest throughout the transaction. The buyers can pay the licensee directly through a negotiated fee, or the buyers rep may be paid by the seller or by a commission split with the listing broker.
Disclosed dual agent. Dual agency is a relationship in which the brokerage represents both the buyer and the seller in the same real estate transaction. Dual agents typically owe limited duties to each of the parties. Because of the potential for conflicts of interest in a dual-agency relationship, its vital that all parties give their informed consent. In many states, this consent must be in writing. Disclosed dual agency, in which both the buyer and the seller consent to the brokerage representing both of them, is legal in most states.
Designated agent. This is a brokerage practice that allows the managing broker to designate which licensee in the brokerage will act as a representative of the sellers and which will act as a representative of the buyers in a transaction in which the brokerage is representing both. Designated agency avoids the problem of dual agency. The designated agents give their respective clients full representation. The broker has the responsibility of supervising both licensees.