Agency
A North Dakota agent who is representing a buyer in a new construction purchase should be aware that:
ABuilder contracts are identical to standard purchase agreements and need no review
BBuilder contracts are typically written to favor the builder and should be carefully reviewed, potentially with attorney assistance✓ Correct
CBuyers cannot be represented by agents in new construction
DThe builder's agent represents the buyer's interests
Explanation
Builder contracts are often lengthy documents written by the builder's legal team to favor the builder's interests. They may contain provisions limiting buyer rights, controlling arbitration, and restricting remedies.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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