Q: (Single Agent) Dual Agency – Who Benefits? A: The Realtor
What are Your Favorite Bills in this Year’s General Assembly?
These are the bills I’m tracking on Richmond Sunlight – bill ranging from real estate licensing to the castle doctrine to eminent domain – and quite a few more.
The Charlottesville real estate market has gotten busier since the General Assembly’s session started so my time has been more limited (and this highlights why the only ones able to really influence legislation are the ones paid to do so).
As a consumer, agreeing to Single-Agent Dual Agency would take an awful lot of consideration and trust …
Real Estate (Dual) Agency in Virginia – Now Updated with a little Reason
HB1907 is law . ( this is me discussing the bill a few months ago ) From the General Assembly’s site (pdf): (boldings are mine) “Dual agent” or “dual representative” means a licensee who has a brokerage relationship with both seller and buyer, or both landlord and tenant, in the same real estate transaction
…That following the commencement of dual standard agency, the licensee will be unable to advise either party as to the terms, offers or counteroffers ; however, under the limited circumstances specified in subsection C, the licensee may have previously discussed such terms with one party prior to the commencement of dual standard agency ; 2. That the licensee cannot advise a buyer client as to the suitability of the property, its condition (other than to make any disclosures as required by law of any licensee representing a seller), and cannot advise either party as to repairs of the property to make or request; 3. … Such disclosures shall not be deemed to comply with the requirements set out in this section if (i) not signed by the client or (ii) given in a purchase agreement, lease or any other document related to a transaction Translated : 1 – The agent can’t tell you about price, terms, etc, but may have already (and probably has) advised the opposing party 2 – The agent can’t tell you anything about the property that’s useful or isn’t something you don’t already know.
HB 1907 – Agency in Virginia, Disclosures and More
The bill has unanimously passed the Committee and the House of Representatives . 
Discussing the perils of single agent dual agency has long been my windmill; while not perfect, this bill clearly is a step towards representation .
…That following the commencement of dual standard agency, the licensee will be unable to advise either party as to the terms, offers or counteroffers; however, under the limited circumstances specified in subsection C, the licensee may have previously discussed such terms with one party prior to the commencement of dual standard agency;
…That the licensee cannot advise a buyer client as to the suitability of the property, its condition (other than to make any disclosures as required by law of any licensee representing a seller), and cannot advise either party as to repairs of the property to make or request; 3. … That the licensee will be acting without knowledge of the client’s needs, client’s experience in the market, or client’s experience in handling real estate transactions unless he has gained that information from earlier contact with the client under the limited circumstances specified in subsection C; and 5.
A Bill to Protect Consumers: Specifically Single Agent Dual Agency
Such written consent and disclosure of the brokerage relationship as required by this article shall be presumed to have been given as against any client who signs a disclosure as provided in this section. (i) shall be writing and (ii) may be given to either party at the time prior to the commencement of dual representation. … That following the commencement of dual representation, the licensee will be unable to advise either party as to the terms, offers or counteroffers; however, the licensee may have previously advised one party as to terms prior to the commencement of dual representation; 2. That the licensee cannot advise the buyer client as to the suitability of the property, its condition (other than to make any disclosures as required by law of any licensee representing a seller), and cannot advise either party as to repairs of the property to make or request; 3. … Such disclosures shall not be deemed to comply with the requirements set out in this section if (i) not signed by the client or (ii) given in a purchase agreement, lease or any other document related to a transaction.
Blog Wayback – Why Use a Realtor – Decoding NAR-Speak
In many markets across the country, over 50% of real estate sales are cooperative sales ; that is, a real estate agent other than yours brings in the buyer. … Your Realtor will generally prescreen and accompany qualified prospects through your property. a – I want to see that study. b – Allowing strangers into your home is the whole point of the MLS and lockbox system we use!