Buyer’s Contract in South Carolina
I am looking to purchase real estate in Columbia SC. I am an out of state investor. I contacted an agent and explained to him what type of properties I would like, where i would like to purchase etc.
Shortly thereafter he sends me an exclusivity contract. I’ve worked with other agents in NJ and have never signed one of these before (nor even heard of anyone other than a seller signing such a document). He is now saying that he cannot represent me in a transaction or even walk into a home unless i have signed the contract.
Is this something special in SC?
I’d appreciate any advice anyone can give me.
Mark
Most Popular Reply
I'm licensed in NC, but SC should be somewhat similar. By using the Buyer Agency agreement, he is trying to ensure that if you do decide to buy a property, it is through him so that he will be paid for his work. He *could* do all of the work without the agreement, but there is risk for him to not be compensated. You could work out an agreement to sign for a single property if you have something specific in mind instead of using a blanket agreement.