When real estate professionals work with sellers and buyers, “agency” relationships are established. As you start working with a real estate professional, please ask for a clear explanation of the current agency laws in your state or province, so that you understand these important issues.
There are three kinds of agency relationships in North Carolina:
A “buyer’s agent” represents the buyer during the home buying process. The buyer’s real estate professional (agent) has a fiduciary responsibility to represent the buyer’s best interests including reasonable care, loyalty and confidentiality.
A “seller’s agent” represents the interests of the seller and has a fiduciary responsibility of reasonable care, loyalty, confidentiality and disclosure to the seller. A seller’s real estate professional (agent) works to assist the seller in locating a buyer and in negotiating a transaction suitable to the seller’s specific needs.
Disclosed Dual Agent:
A “disclosed dual agent” represents the interests of both the seller and the buyer, during the same transaction. A dual agent has responsibilities to both seller and buyer and must act in the best interests of both parties.