A free guide for buyers purchasing a home in North Carolina
A buyer agency agreement hires a real estate firm to represent you, sets how that firm is paid, and decides what happens if your search changes direction. This guide walks through the NC REALTORS Exclusive Buyer Agency Agreement (Standard Form 201) section by section, explains how buyer agent compensation works after the 2024 industry changes, and gives you the questions to ask before you sign.
What the Full Guide Covers
- Start Here
- Why You Are Asked to Sign Before Touring
- The Working With Real Estate Agents Disclosure
- How Buyer Agent Compensation Works Now
- Choosing an Agent Who Will Explain the Risks
- Section 1: Services Provided
- Section 2: Buyer Disclosures
- Section 3: Term of the Agreement
- Section 4: Fee for Services
- Section 5: Negotiable Fee and Compensation Limit
- Section 6: Dual Agency and Your Choices
- Section 7: Cameras, Photos and Video
- Section 8: Other Professional Advice
- Section 9: Inspection Costs
- Section 10: Confidentiality of Your Offer
- Section 11: Wire Fraud Warning
- Section 12: FinCEN Disclosure
- Section 13: Additional Terms
- Section 14: The Whole Agreement, and Ending or Changing It
- How to End or Change the Agreement
- Section 15: Nondiscrimination
- Buying a For Sale By Owner Home With an Agent
- Signatures and Final Review
- Your Fee and Purchase Budget
- Decisions to Settle Before Signing
- Terms Worth Understanding
Common Questions
Why am I being asked to sign a buyer agreement before touring homes?
Since August 17, 2024, industry rules followed by REALTORS and their MLSs require a written agreement with a buyer before an agent tours a home with that buyer, in person or virtually. The goal is that you know what the agent will do and what you could owe before any work begins. North Carolina’s own rule separately requires any agreement that binds you for a period of time to be in writing from the start.
Do I have to sign before I can go to an open house?
No. You can visit an open house or ask an agent general questions about their services without a signed agreement. The requirement applies when an agent working with you tours a home with you.
Is buyer agency oral or written in North Carolina?
The Commission’s rule requires buyer agency to be express, and in writing no later than the time an offer is made. An agreement that binds you for a set term or limits your right to use other agents, such as Form 201, must be in writing from the start. Because of the 2024 industry rules, most buyers now sign a written agreement before the first tour.
What does the Working With Real Estate Agents disclosure mean?
It is a Real Estate Commission form that explains seller’s agents, buyer’s agents and dual agency, and records whether you are represented. Agents must review it with you at first substantial contact. It is not a contract and does not hire anyone.
Can I write the buyer agent fee into my offer?
Yes. Your offer can ask the seller to pay some or all of your agent’s compensation, usually with NC REALTORS Form 220 attached to the purchase contract. The seller can accept, decline or counter. Ask your lender first how a seller contribution will be treated under your loan.
What if the seller will not pay my agent?
The fee in your buyer agreement still applies, and any part the seller does not pay is generally yours under the agreement. You can pay it at closing, negotiate price or other terms instead, discuss the fee with your firm in writing, or decide the home does not fit your budget. Know this number before you write the offer.
How much is commission after the NAR settlement?
There is no set or standard rate. Fees are not set by law, are set by each firm, and are negotiable. What changed is that you now agree on a specific amount with your agent in writing before touring, and any seller payment is negotiated in each deal.
Are agent fees negotiable, and how do I compare services?
Yes, and Form 201 says so in writing. Compare what each firm includes, such as pricing analysis, offer strategy, inspection and repair negotiation, and closing coordination, along with who you will actually work with and what you would owe in each scenario. The lowest fee is not always the lowest total cost.
How do I choose an agent who explains risks instead of pressuring me?
Look for someone who walks you through the agreement and encourages you to read it at home, separates facts from assumptions, refers you to inspectors and attorneys, and treats walking away as a real option. Check the agent’s license on the Real Estate Commission’s website. If you feel rushed to sign, ask for time.
What is dual agency, and do I have to agree to it?
Dual agency is when one firm represents both you and the seller, usually because you want a home your firm listed. You choose in Section 6 whether to allow it and, if so, whether the same agent may represent both sides or the firm must designate separate agents. You do not have to consent to keep searching.
How do I end a buyer agency agreement?
Form 201 ends when it expires, when you buy, or when you and the firm sign a written release. Telling the agent you are done does not end it. Ask for a written release that addresses fees, introduced properties and the protection period.
Can I have my own agent if I buy a for sale by owner home?
Yes. Your agent represents you, and the owner is unrepresented. The owner may agree to pay your agent using NC REALTORS Form 150 or Form 220; if not, your agreement’s fee still applies.
I am selling. Should I offer to pay the buyer’s agent?
That is the seller’s choice, and no seller is required to. The SitRep Realty guides for home sellers explain how sellers weigh offering compensation, offering a general concession, or neither, and how that can affect which buyers can afford the home.
What happens if a seller offers zero buyer agent compensation?
Buyers can still make offers, and many will ask for help in the offer itself. Buyers whose cash is tight may need that help to buy, so the seller should expect the question during negotiation. The SitRep Realty guides for home sellers cover this decision from the seller’s side.
I am buying in South Carolina too. Is it the same?
No. South Carolina uses different statutes, a different disclosure form and a different standard buyer agreement. See the SitRep Realty guide on the South Carolina buyer agency agreement.
Get the Complete Guide
What NC REALTORS Form 201 says, how buyer agent pay works now, and the questions to settle before you sign. It is free from the SitRep Realty Intel Hub Library.
This page provides general real estate information for North Carolina and South Carolina. It is not legal, tax, lending or insurance advice and does not create an agency relationship. Laws and forms change, and every property is different, so consult a licensed real estate broker and, where appropriate, a licensed real estate attorney about your situation. SitRep Realty is a member of the DW Realty Team. Equal Housing Opportunity.
