According to the National Association an Exclusive Buyer's Agent is an agent whose company represents only the buyer's best interests on any home the buyer wants to purchase, including homes listed by the buyer agent's company.
The North Carolina Exclusive Buyer-Broker Agreement and Agency Disclosure is a legally binding contract between a real estate agent (the buyer's agent) and a buyer looking to purchase a property in North Carolina. This agreement outlines the relationship between the buyer and the buyer's agent, establishing their rights, obligations, and the scope of representation during the home buying process. By signing this agreement, the buyer ensures that they have the undivided loyalty and fiduciary duty of their agent, who is obligated to act in their best interests. Keywords: North Carolina, Exclusive Buyer-Broker Agreement, Agency Disclosure, real estate agent, legally binding contract, buyer's agent, obligations, representation, loyalty, fiduciary duty, best interests. There are generally two types of North Carolina Exclusive Buyer-Broker Agreements and Agency Disclosures: 1. Exclusive Right-to-Representation Agreement: This type of agreement grants the buyer's agent the sole right to represent the buyer in their home search and negotiations. It typically lasts for a specific period, allowing the agent to solely work on behalf of the buyer, providing undivided attention and assistance throughout the home buying process. Keywords: Exclusive Right-to-Representation Agreement, sole right, represent, home search, negotiations, specific period, undivided attention, assistance. 2. Non-Exclusive Agreement: This agreement allows the buyer to work with multiple real estate agents simultaneously. The buyer is under no obligation to exclusively work with one agent, and they are free to engage the services of other agents or even proceed with a For-Sale-By-Owner (FBO) transaction without breaching the agreement. However, if the buyer decides to purchase a property through an agent's assistance during the agreement term, the specified agent will be entitled to the agreed-upon commission. Keywords: Non-Exclusive Agreement, multiple agents, no obligation, engage services, For-Sale-By-Owner (FBO), transaction, commission. Overall, the North Carolina Exclusive Buyer-Broker Agreement and Agency Disclosure serve to protect the buyer's interests, establish a clear understanding of responsibilities, and ensure that the buyer receives dedicated representation throughout their home buying journey. Keywords: protect, interests, understanding, responsibilities, dedicated representation, home buying journey.
