As a Realtor® there are several “duties” that I owe to my buyer clients by entering into a Buyer Agency Agreement. Did you know, as a Buyer that you have specific duties as well?
In North Carolina if a Buyer enters into a Buyer Agency Agreement a Buyers duties are:
- Work exclusively with Firm for the term of the Agreement
- Pay Firm, directly or indirectly, the compensation agreed upon in the Agreement
- Comply with reasonable requests by the Firm to supply any pertinent financial or personal information needed to fulfill the term of the Agreement
- Be available for reasonable periods of time to examine properties
- Pay for all products and/or services required in the examination and evaluation of properties (i.e. surveys, water/soil tests, title reports, property inspections, etc)
It is so important to review ALL of the clauses in a Buyer Agency Agreement prior to signing. I receive phone calls and emails on a daily basis from buyers that are CURRENTLY WORKING WITH AN AGENT under a Buyer Agency Agreement but they tell me they are not getting the help they need or their questions answered. While I do feel for them I am under no obligation to assist them nor can I.
If you are a buyer currently in a Buyer Agency Agreement with another Realtor® and are unhappy with their services then I implore you to discuss your concerns with them. If a better understanding of your relationship can not be established you need to review your Buyer Agency Agreement to ascertain if you are obligated to pay any penalties for canceling your agreement early. While that is not a common practice it has been known to happen.
A few tips on finding the RIGHT Buyer’s Agent for you:
- INTERVIEW! It is so important that you have a clear understanding of what a Realtor®, as your Buyer’s Agent will do for you, on your behalf and what their expectations of you are.
- Have a game plan! While a Realtor® can certainly help you to refine your wants and needs it is always best to know where you want to search for a home and what some of the attributes are that you are looking for in a home.
- If you are just window shopping – BE UP FRONT and HONEST with your agent.
- ASK QUESTIONS! Before you sign a Buyer’s Agency Agreement review ALL the clauses and be sure that you have a solid understanding of what you are signing.
If you are thinking about taking advantage of this historic buyers market and would like to explore homes for sale in Wake Forest NC I would welcome your phone call or email. I would be happy to review the current inventory that possibly fits your needs and review my services with you. Just give me a call or send me an email – it’s just that simple!