Buyers Agency FAQs

1. What is "buyer agency"?
Buyer agency is the highest level of client representation afforded to a buyer by a real estate professional. When you engage a "buyer's agent" your real estate professional is required to represent your interests as long as those interests are not illegal.

2. Why is this of value to me as a buyer?
The seller of a property is represented by the "listing agent." In negotiating price and terms, the seller has an advocate to represent their interests, but, unless you have executed a buyer agency agreement with your agent, your interests may not be represented.

3. What is required of me as a buyer to be afforded this level of representation?
A written and signed "buyer agency" agreement is required by North Carolina law.

4. What will a real estate professional do for me as my buyer's agent?
You will be afforded a higher level of service. Your buyer's agent will analyze information such as comparative market data, advise you on negotiating and wording a purchase agreement, and, in general, act as your advocate in the purchase process.

5. If I decline "buyer agency," who represents my interests?
If you decline "buyer agency," you will not have a representative to look out for your best interests. In fact, your agent may be required by law to represent the interests of the seller.

6. How much does this higher level of representation cost me?
Usually nothing. In 99% of all residential real estate transactions, the seller pays all commissions, and buyer representation costs the buyer nothing. To ensure that you do not incur a fee, you may instruct your agent to show you only those residential properties for which the seller has agreed to compensate the buyer's agent.
Your buyer's agent will address cost and any other questions you may have at the time you are presented the buyer agency agreement. Be sure to ask your buyer's agent every question you have no matter how basic it may seem. Your buyer's agent represents you!

7. What are my responsibilities as a buyer in this agreement?
In this agreement, you agree to handle all real estate concerns through your agent. You agree neither to seek real estate information nor to view or purchase any property without your buyer's agent.

8. Who decides if I am represented or not?
As the buyer, you alone may make that decision.

9. Why would someone not want to be represented by a buyer's agent?
We have yet to hear a good reason why a buyer would refuse representation. In our experience, buyers without buyer's agents simply have not been informed that they have a right to be represented.

10. Who should be my Buyers Agent?
The Lake Norman Homes Team has over 40 years of combined Real Estate experience. We have encountered all most every problem that can occur and we are equipped to handle them for you swiftly. We have over a 99% satisfaction rating but we strive everyday to make it 100%!

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You can contact The Lake Norman Homes Team via email: info@lakenormanhomes.com, by submitting the form on this page: Contact Agent or by phone @ 866-LakeNorman.