For the Buyer: agency disclosure

We thought this needed to be discussed since so many buyers do not seem to understand what it is and why agents keep asking them to sign papers when they may not know them well or have worked with them over the years! 

State law requires that we have a signed agency form before we show property. 

Until you are comfortable with the agent you do not have to sign a 3 month contract or more! You can make the required paperwork only for one day or the showing of that one particular property and no more!

By all means though, when you have a relationship with an agent be loyal and trust them. Communicate regularly and most importantly, reward them with your loyalty and faithfulness. This is how they earn their living. Respect it. The agent’s job is to help you get what you want. A good agent does that.

From the Virginia Association website:

WHY WRITTEN BROKERAGE AGREEMENTS?

So, why do you have to sign brokerage agreement? 

The short answer is that Virginia law requires it in order to protect you. The longer answer is that having something in writing — whether it covers a single property or a months-long relationship — ensures that both you and your Realtor® understand exactly what’s expected from each other.

Be sure to discuss your options with your Realtor®, and make sure all your questions are answered.

In the past, when you have purchased a home you may have worked with a real estate agent with no written agreement in place. As of July 1, 2012, it is now the law in Virginia that written agreements must be in place for many services to be provided by a real estate agent, similar to how it is with many other types of professional business relationships.

Agency information for consumers

 

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