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Agency In North Carolina

Working with Real Estate Agents

Joanne Parker and Associates understands that your decision to enter into an agency relationship with Joanne Parker and Associates and us is a matter of trust. We take seriously our professional, fiduciary responsibility to represent you. We offer ourselves and our expertise to you with the highest ethical standards and utmost respect. We bring to you the professional care, diligence, and skill necessary to serve you. We promise obedience to your instructions, and loyalty in promoting and protecting your interests at all times. We will provide you with an accounting related to the management and status of funds (earnest monies, option monies, etc,) that are involved in the transaction.

Real estate agents in North Carolina are required per NC law to disclose agency to you through the NC Real Estate Commission ((NCREC) brochure or printed document entitled, "Working with Real Estate Agents." This document outlines and specifies the types of agency (Seller's Agency, Buyer's Agency, Dual Agency) possible in N.C. that an agent may take on in their professional relationship with you. Importantly, it states what you can expect from your agent given the type of agency you might have with him/her. At first substantial contact we will give this document to you, and review it with you. After reading it, you will be asked to sign it. This document is not a contract, it only indicates that we have disclosed agency to you according to the laws of NC.

Exclusive Right to Represent Buyer

As a buyer, in order to enter into an agency relationship with us, you will be provided the NCREC, “Exclusive Right to Represent Buyer” form. We will thoroughly review this document with you. This document, once signed by both parties, becomes a contract that creates and formalizes the agency (fiduciary) relationship between you and us. The agency relationship is with Joanne Parker and Associates, and also with us as sub-agents.
The buyer agency relationship can either be formed at the onset of a relationship (our preference), or later, but not any later than the writing of an Offer To Purchase.

The form states:

who the parties are that are making the agency relationship
the agent's responsibilities in preserving and protecting your interests
your responsibilities in the relationship
the particular geographical area for which the Buyer's Agency Representation is applicable (i.e. Southport; Wilmington and surrounding area; etc)
the duration of agency (dates from and to)
the types of agency in addition to exclusive Buyer’s Agency you will allow - i.e. Dual Agency or not
the means of compensation to the agent and conditions for compensation
the duration beyond which the representation applies in circumstances that would warrant an agent to be entitled to receive commission

Buyers Agency is not a marriage and, if need be, can be terminated at any time by mutual agreement or by putting your termination into writing to the agent or to his/her Broker In Charge. However, if agency is ended, this does not invalidate any rights or responsibilities that either party has to each other that may be applicable and enforceable beyond the date of termination.

Dual Agency

The “Exclusive Right to Represent Buyer” form gives you the option to allow or disallow us to act as a Dual Agent.

Dual Agency exists when an agent would represent both you and the Seller. How does this occur? This would occur if you were to decide to make an Offer on a property listed by Joanne Parker and Associates.

For example, suppose you became interested in a property listed by another agent with Joanne Parker and Associates. Whether Joanne Parker and Associates actually listed the property is not the deciding factor but rather the fact that we work with Joanne Parker and Associates who is the designated listing agency for the property.

Clients often give their agent the permission to serve as a Dual Agent simply because they do not desire to limit their choice of properties in the area or to change agents to gain information about a particular property. Of course, there are unique and specific situations where the client would prefer not to give this permission in order to protect his/her interests.

If you decide to give us the dual agent option, a “Dual Agency Addendum” will be signed along with the “Exclusive Right to Represent Buyer” form Buyer's Agency Agreement whereby you give or do not give your agent the authorization to serve as a Dual Agent in representing both seller and buyer in a transaction.