Updates to the Home Buying Process in NC

In case you haven’t been following the NAR settlement, I wanted to give a quick update to anybody looking at purchasing a property in the near future.

If you’ve worked with a real estate agent to purchase a property in North Carolina before, you likely signed a buyer agreement when you agreed to work with your agent of choice.

Now, any Realtor is going to be required to have a buyer agreement signed with you before they’re allowed to take you on a tour of any property — even virtually.

The intention behind this change is to make the relationship between buyers and their agents more transparent, and to help buyers understand how and where compensation will be coming from for their agents from the get-go.

In North Carolina, this isn’t a vast departure from what we’ve already been doing, since NC was one of 18 states to already have buyer agency. For a long time now, we’ve required signed buyer agreements in order to help a buyer purchase a property.

The only difference is that now that paperwork gets signed earlier in the process.

If you have any questions around this at all, please feel free to reach out, and I’ll be happy to give you more context!