By Elizabeth Putnam, Real Estate Broker | Mosaic Community Lifestyle Realty | Asheville & Western North Carolina
Before we head out on the house hunt, let’s answer a few practical questions: Who is looking out for you? What will they do? And how will they be paid? These are useful conversations to have during a buyer consultation.
A buyer's agent is there to represent your interests and help you make informed decisions.
Who Does the Agent Represent?
A buyer's agent helps evaluate homes, prepare offers, negotiate, and coordinate the purchase. The listing agent represents the seller unless a different agency relationship is properly established.
Review North Carolina's Working With Real Estate Agents disclosure early. It explains agency relationships; acknowledging that disclosure is different from hiring an agent through an agency agreement. Ask about dual agency if the same firm might represent both sides and how that would affect the services available to you.
Why Is There a Written Agreement Before Tours?
MLS participants subject to the buyer-agreement rules must have a written agreement before touring a home with or for a buyer, including buyer-specific video tours. Separately, North Carolina's agency rules require a written buyer agency agreement no later than making an offer. These requirements have different sources.
Attending an open house independently does not, by itself, mean you must hire the agent hosting it. Clarify whom that agent represents before discussing confidential information.
What Should You Review?
This is one document worth slowing down for. If a sentence makes you tilt your head and say, “Wait, what does that mean?” please ask! Review:
- Scope: Covered properties, locations, and whether representation is exclusive.
- Duration: Start and end dates.
- Services: What the firm will do for you.
- Compensation: The agreed fee and when you could owe it.
- Termination: How the agreement can end and any continuing obligations.
Who Pays the Agent?
Commissions are negotiable and are not set by law. The seller or listing firm may contribute, but do not assume they will cover your agent's full fee. Your agreement and any properly documented compensation arrangement determine your responsibility.
I believe this should be discussed clearly before you commit, including how a shortfall could affect your budget.
Questions about representation? Call or text me at (828) 301-6374.
Related reading: Buyer Consultation · Homebuying Overview
Additional resources: NCREC: Agency Rules and MLS Practice Changes and Buyer Agency Agreements.
- Homebuying Guide
