The North Carolina Real Estate Commission voted last week to convene a task force to determine whether homebuyers in North Carolina are being made sufficiently aware when the real estate agent showing them a home is being offered a bonus by the seller. As the regulations now stand, agents must tell buyers of such financial incentives but are not required to notify them in writing. Many sellers, particularly homebuilders, pay a bonus to agents in addition to the sales commission.
“We want every one of our citizens to be fully aware of all the information they need,†The Charlotte Observer quoted NC Real Estate Commission chair Skip Alston as saying. “This is the largest investment they’re making in their lifetime. You can’t go too far as far as trying to have things be as transparent as possible.â€
Tom Miller, director of legal services for the commission, said that written notice of bonuses “provides us with a more effective tool to show compliance or failure to comply.â€
Alston said he expects a recommendation from the task force – to be comprised of representatives from throughout the industry – within the next three months, at which point a rules change might be sent to the General Assembly.