If you work with an agent who belongs to a multiple listing service, you will sign a written agreement before touring a home together. It is a short document, and it is worth ten minutes of your attention.
First, the disclosure
In North Carolina an agent must give you the Working With Real Estate Agents Disclosure at first substantial contact. It is not a contract. It explains who an agent can represent, so that you know whether the person showing you a house works for you or for the seller.
What the agreement covers
The buyer agreement sets out the services the agent will provide, the area and type of property it applies to, how long it lasts and how the agent is paid. The amount is negotiable and must be stated clearly: a figure or a rate, not a range left open.
Lines worth a second look
Check the term. An agreement can cover one afternoon, one house or several months, and you can ask for a shorter one to start. Check what happens if you buy a home the agent showed you after the agreement ends. And check whether you may work with other agents during the term.
How payment usually works
A seller may offer to pay some or all of your agent's fee, and you can ask for that in your offer. If the seller pays less than the agreement states, the agreement says who covers the difference. We go through this with real numbers before a client signs anything, so there is no surprise at the closing table.
This article is general information about buying and selling homes in North Carolina. It is not legal, tax or lending guidance, and things may have changed since it was published.
