In real estate, agency is used to determine the legal responsibilities your real estate professional owes to each and every one who is part of the transaction.
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Nesbitt Realty lists and sells property in Northern Virginia.
Take the example of an imaginary agent name Charles Valiant of Imaginary Realty. Charles' client Dana Tennett wants to sell her house. So Dana approaches Charles. Dana signs a 90 day exclusive listing to sell her home. A week later, Charles decides to "chuck" it all. He moves to Japan and puts his license on inactive status.
What happens to Dana's listing? Does it just become an open listing because the agent is gone? Is the listing voidable on the grounds of abandonment? Does the listing remain in effect? Or, is the listing automatically terminated because Charles quit?
A listing agreement is between a broker and a seller, not between an agent and seller. Therefore, Dana listed her property with Imaginary Realty and not with Charles. The listing remains in effect and unchanged. The broker at Imaginary Realty should assign an agent or meet with Dana to select the best agent for the job.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
The difference between equitable title and legal title
Do you know the difference between equitable title and legal title? Equitable title is conveyed to the buyer when the seller signs the offer to purchase. A ratified sales contract creates equitable title. After closing and accepting the deed, the buyer receives legal title. Equitable title does not carry all the rights, privileges and duties…
If you own a condo in Virginia, or if you're thinking of buying a condominium in the Commonwealth of Virginia, it might be a good idea to glance at the Virginia Condominium Act. This act describes the terms of ownership and limitations and requirements of condo associations. It also describes the unique attributes of condominium…
Everything built by man requires some maintenance at some point. Even so-called maintenance-free homes require some attention. So when making the transition from renting to buying, one aspect of home ownership that must be considered carefully is maintenance. Renters enjoy few advantages over buyers, but one benefit of renting is that in most cases renters…
Real estate contracts sometimes come with contingencies. This is a part of the contract that states certain conditions or timelines are met or the seller or buyer can void the contract. The conditions or timelines can be any that both parties agree on and are put within the contract. Contingencies usually last for a specified period.…
Update: Lepelletier case against Judge Tran Dismissed
As you may already know, Robert Lepelletier, Jr. sued Nesbitt Realty and as a result he was ordered to pay sanctions to Nesbitt Realty by Fairfax County Judge John Tran. Lepelletier sued the Honorable Judge John Tran in Federal court. Lepelletier's case against Judge Tran was dismissed and his motions were denied. Despite being ordered…
A special agent is a person authorized to perform a particular act or transaction. Special agency limits the broker to certain activities specified in the listing agreement. Special agents cannot legally obligate clients (cannot accept an offer on a clients behalf). Special agents are sometimes a part of brokerage transactions.
The U.S. Army Materiel Command is responsible for providing materiels to the U.S. Armed Forces. Everything from food to helicopter parts. This agency is an integral part of our Armed Forces in making sure everything needed is delivered.
For more information on this agency and what it encompasses please contact:
www.amc.army.mil
In real estate, agency is used to determine the legal responsibilities your real estate professional owes to each and every one who is part of the transaction.
Continue reading
