Are you a newbie? (never have purchased a home before), or maybe you’re like many folks who had a short sale a few years ago and are now ready to navigate the buying waters again. Or maybe you’re a renter. Congratulations! Let me be the first to inform you that in Virginia, there are new agency laws that became effective July 1, 2012. Perhaps you remember in the past, your agent may or may not have given you a buyer agency agreement or a renters agency agreement to read and sign. Well, now all real estate agents working with buyers and renters on the purchase or rental of a residential property, MUST have a written brokerage agreement in place from the outset of their relationship. Actually, written agency disclosure has been required for years and written buyer broker and rental broker agreements have been available and in use for over a decade. In the past, these agreements, if even used, may have been signed at the time an agent wrote an offer or when rental paperwork was due in the office. Now, an agreement MUST be in place before an agent shows you any property or begins to work with you. It doesn’t have to be a long term agreement. It might just be in effect for one day.
So when you call your agent to see a property, don’t be surprised when you are asked to formalize the arrangement by signing a disclosure form. Just be sure to read it carefully and make sure that it has a duration period that you have chosen. For more information visit the Northern Virginia Association of Realtors.
Let me know if I can help you or anyone you know with real estate purchasing or investing (residential or commercial) in the Washington DC area.