Julie P. Tuggle is a broker/owner of Carolina Buyer`s Agent, one of the few real estate companies in the area that does not practice a “double” or “designated” agency – the conflict of interest that exists when the buyer`s agent`s business represents the buyer and seller on the same home. Carolina Buyer`s Agent specializes solely in representing home buyers. Julie P. Tuggle is a broker and owner of Carolina Buyer`s Agent, an exclusive buyers` agency in Charlotte, North Carolina, that represents only buyers, never sellers, in the purchase of properties in Charlotte, without any risk to their buyer-clients or a designated agency for any home they wish to buy. If you would like to know more about exclusive buyer representation or would like to see for HomeBUYERS, Inc. Representing yourself exclusively in the purchase of your home, you can arrange a non-binding presentation by calling (919) 219-9878 or Allen@ForHomeBuyers.com. The NC Real Estate Commission, for example, allows nc real estate agents to call themselves “exclusive buyer agents” if their buyers sign an agreement for an “exclusive right to represent the buyer,” even if their company represents the seller on the same home that the agent`s buyer wants to buy. Just because you have an “exclusive right to represent the buyer” agreement with your agent doesn`t mean your agent`s company will simply represent you.
Your agent may start representing only you, but in the future, if you ever wanted to make an offer for a home listed by your agent`s company, you`ll need to allow the company to represent the seller as well. The above definition is also the definition used by the news media in articles written in favor of home buyers seeking advice to consumers in preparation for the purchase of real estate. Internationally renowned financial specialist Suze Orman supports the National Association of Exclusive Buyer Agents in the “Find a Buyer Agent” section of its popular Suze Orman.com website. The buyer`s agency has become very popular with consumers since its introduction in the early 1990s. However, consumers should ask certain questions of their buyer`s agent to better understand the degree of representation they will receive. Questions should include whether the agency relationship is exclusive or non-exclusive and whether the duplicate and/or designated agency is practiced by their purchasing agent`s company. Some buyers require their buyer`s agent to provide “exclusive representation” so as not to risk sharing loyalty with a selling customer or another buyer customer represented by the same company. Buyers need to have a clearer understanding of the three ways in which the term exclusive buyer agent is used by real estate agents before choosing an agent to represent them on their next home purchase. An exclusive buyer agent IS an agent whose company does not allow its agents to represent its buying clients with a double or designated agency, and is paid to represent either their buyer-client or simply the seller-client – without risk to their buyers from a double or designated agency for each home they wish to buy. Real estate expert and columnist Peter Miller summarizes the best argument for including an exclusive buyer`s agency as an additional agency option in NC`s consumer disclosure brochure: “Brokers should always include broker and buying brokers, exclusive or not, so that individual professionals can choose their preferred practice strategy, while consumers can find the widest range of services.
Exclusive buyer brokers have changed the market by popularizing the basic concept of buyer brokerage. This is a transition that is now helping millions of buyers get a better deal in the market – and it`s a significant achievement. B: An agent who receives permission from his buyer in advance so that the agent`s business also represents the best interests of the seller (or a competing buyer) on the same home. The news media does a great job of advising consumers to request an exclusive agent of the buyer to avoid the conflict of interest that exists with a double and designated agency (which is legally a “double agency” in North Carolina since the same broker represents both parties). But the problem now is that consumers have started asking for an exclusive buyer agent, so listing agents present themselves to consumers as “exclusive buyer agents” and inform consumers that they can represent an exclusive buyer agency – even if their company also represents the seller! A refreshing exception is Ohio, where their state disclosure, “Consumer Guide to Agency Relationships,” was developed jointly by the Ohio Association of Realtors and the Ohio Division of Real Estate & Professional Licensing. Under Ohio Licensing Act, each broker must disclose to consumers which of the five agency policy options their company practices and offers, including an option for an exclusive buyer agency: “Under this policy, your broker only represents buyers and does not take offers, practice sub-agency or dual agency.” Detailed information about North Carolina real estate law can be found on the following link to the North Carolina Real Estate Commission: www.ncrec.gov. If a home buyer wants the buyer`s agent to represent them in the purchase of a property, the buyer must enter into a “buyer`s agency contract” with the agent. The NC Real Estate Commission does not consider it a misleading practice for agents to use the term “exclusive buyer agent” in this way, as this use is so prevalent in the North Carolina real estate industry. Thus, the “beware buyer” doctrine still applies to NC consumers who want an exclusive agent of the buyer to represent them in their next real estate purchase transaction. NC agents are required to disclose to NC consumers the following agency representation options: “Buyer`s Agent, Seller`s Agent, Dual Agent and Designated Agent” as defined in NC`s Consumer Disclosure Brochure, but disclosure of the exclusive purchasing agent option is not required, so the definition varies depending on each agent`s own interpretation, if it is disclosed at all. As there is no legal regulation in Nc for an exclusive buyer agency, consumers are advised to question their real estate agent`s interpretation of this cluttered real estate term before proceeding to a self-proclaimed “exclusive buyers` agent”.
Consumer advice columnists Ilyce Glink and Robert Bruss recommend to consumers who wish to avoid the risk of a dual agency – if a broker represents both parties – an exclusive buyer agency as an alternative to the buyer`s agency. Ilyce Glink advises: “If you are trying to eliminate potential conflicts in your business, you should try (excluding the buying agency). An exclusive buyer agent never represents sellers. They only represent buyers, and they will usually take buyers where they want to go in a metropolitan area. According to the National Association of Exclusive Buyers Agents (NAEBA), this is the only correct answer. This is also the definition you used for “exclusive buyer agent” in “Don`t Risk It! A Broker`s Guide to Risk Management”, published by the National Association of Realtors® in 2000: “Exclusive Buyer Representation – Also known as an exclusive buyer agency, it is the practice of representing only buyers, never sellers.