Recent legislation has changed some things about real estate agency in the state of Virginia. I’ve had a personal motto of never requiring Buyer Agency agreements because I have always felt that a strong relationship is based on trust, and I have told every buyer I have every worked with that if at any time they were unhappy with me, they could “fire” me because I felt that nobody should be forced to work with someone if they were unhappy. But alas, Government intervention has stepped in and will be changing things:
- As of July 1, 2012, all buyers and Realtors(R) will be required to have an agency agreement signed upfront
- It must detail any fees associated with this representation (i.e. commission, admin fees, etc.)
- It must detail the length of time this representation will last (obviously you can extend if you haven’t found anything yet)
- It must detail the role of the agent (i.e. aid in the process of buying residential real estate, showings homes, etc.)
- Without such an agreement in place, an agent will be in violation of Virginia law
More paperwork, hooray! I have strong opinions on the fact that is now required, but I’d love to hear your own thoughts….