It’s July and the summer has started. As things heat up and buyers rush into the market, they are faced with new challenges and require proper representation. Virginia Association of REALTOR® (VAR) has developed and passed legislation that will enhance the agency relationship and disclosure requirements. These new laws go into effect on July 1, 2012 and as with any legislation, the actual language can be boring and dull so I’ve tried my best to briefly explain everything. If for some reason my explanation isn’t enough or you’d like to learn more, please visit VAR’s site at www.varealtor.com/agency.

What has changed?

1. Inform the consumer: The law is to make sure consumers are fully informed about the real estate services they’ll receive and the nature of the relationship with the licensee.
2. Mitigate REALTOR® liability: The law is designed to protect licensees by making sure full disclosure is provided and the nature of brokerage relationship is reduced to writing. It’s to eliminate much of the consumer confusion that can come back and bite the licensee.
3. Discourage opportunisitic dual agency: The law is intended to make sure that licensees who practice dual agency are fully informing consumers about the risky nature of that relationship.