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My husband and I are taking an exploratory visit to the Cary area in a few weeks. The agent we've been working with has asked us to sign an exclusive right to represent the buyer agreement before she will show us homes. Is this common practice in North Carolina?
We are from California and I've not heard of any buyers agents out here asking for a signed document before showing homes.
Just wondering if other agents require similar agreements. I'm not opposed to signing the argeement, but I'm curious about what the common practice among buyer agents is.
Well, I don't have a lot of experience to speak from, but that sounds strange to me. Our realtor offered to show us around a bit, schedule a number of viewings, and just let us get to know him a bit before signing an exclusive agreement. I thought that was the norm, but maybe I'm wrong (?).
In North Carolina, you can have a verbal buyer's agreement to allow the agent to represent you instead of the seller when showing property. You will be required, by law, to sign the flap of the brochure "Working with Real Estate Agents in North Caronlina" explaining who represents whom. However, before an offer to purchase can be written, the exclusive buyer's agency agreement must be in writing.
(fyi - a little NC real estate history: before buyer's agency existed in the state, ALL real estate agents represented the seller by default - even if they had never met the seller. That meant that they had a legal responsibility to disclose to the seller any information given to them by the buyer, including financial info. This created obvious conflict of interest, thus the creation of buyer's agency, and the lovely black brochure you all must sign explaining it! )
Having the agreement in writing from the outset protects the agent should they spend hours, maybe days, showing someone property, only to have that person let Uncle Bob write the contract, thus cutting the other agent out of the deal entirely. So to speak. A verbal agreement is worth the paper it's written on.
I usually leave it up to the client if they feel comfortable enough with me having developed a relationship prior to getting in the car to sign the agreement (most do) or if they would prefer to start with a verbal agreement, understanding that the written one will follow.
If you feel comfortable enough with this agent to at least get in their car and look at properties, then you may consider an exclusive agreement for 24 hours, with the caveat that if you decide to buy any of the properties that he/she shows you, then he/she will represent you. Then, if after that 24 hours, you don't feel like it's working out, move along.
I've noticed that the new agents are being trained to get that paper signed as soon as possible.
NC law does state that you must explain "agency" to people. That is, you must let them know who you are working for, especially if you are holding an open house or if you are an onsite agent (works for the builder). I do get buyers to sign the brochure saying that I explained agency.
However, as for having them sign Exclusive Buyer's Agency on that first day, I'm a bit hesitant. What if I don't like THEM???
However, if your agent is adamant about you signing the first day...sign for only 24 hours. That way...its more or less a test period for all involved.
NCHomeFinder Thanks for the helpful advise and link to the brochure. I think we'll just go ahead and sign the paper work. We feel very comfortable with our agent and want her to be there every step of the way.
VickiR Thanks for your input. We've been working with this realtor for the past few months and although we haven't meet in person yet, we've been in contact on almost a daily basis through email. She has shown us a great deal of attention and seems to be a good fit for us so far. We contacted several realtors a couple months back and she was the only one who took the time to really find out what we were looking for and make sure all of our questions were answered. If we were meeting up with one of the other realtors who haven't put so much effort in helping us, I think I would be more hesitant to sign an agreement.
In NC, you HAVE to sign the Exclusive Buyer's Agency agreement BEFORE you can have your Agent write up your offer.
Vicki, I quoted you from another message, but I figured this thread was the better place for an answer.
Just to clarify this for me and other's unfamiliar with NC Real Estate transactons....
An "EXCLUSIVE" agreement HAS to be signed by the Buyer? Can't you write an offer with a "NON-Exclusive" agreement in effect? Thanks in advance...
Vicki, I quoted you from another message, but I figured this thread was the better place for an answer.
Just to clarify this for me and other's unfamiliar with NC Real Estate transactons....
An "EXCLUSIVE" agreement HAS to be signed by the Buyer? Can't you write an offer with a "NON-Exclusive" agreement in effect? Thanks in advance...
Sure, I do it all the time, specific to the address.
The thing is, you have to really develop the Realtor's trust, to get their attention when they have no agency agreement until the offer is written.
I guess what surprises me about this Forum is the amount of people that just don't seem to have trust with their Realtor.
Now, I understand if you are a first time homebuyer. But for those of you that are buying your 2nd or 3rd home, is it that you had such a bad experience previously?
Inquiring minds want to know...
Vicki
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