Agency disclosure questions …

A couple of quick nuggets of trivia for those who are interested in real estate agency law in the Commonwealth of Virginia.

Nesbitt Realty is licensed in Virginia.

Pat is a licensed agent in the Commonwealth of Virginia who sells, rents and manages real estate for others for a fee. Pat contacts a homeowner named Al in an attempt to obtain a listing for Al’s property. When must agency disclosure be provided to the Al and his wife Jane?

Agency disclosures must be made when there are substantive discussions about a specific property. In this case, agency disclosures must be made at the time the Al and Jane agree to list the property because there will be substantive discussions when or if the seller agrees to list.

Tom is Pat’s broker. A prospective buyer named Omar enters Tom’s office.  Omar is directed into the conference room. Tom sits down and discusses finances with Omar to financially qualify the buyer. Tom then hands Omar off to Pat. Omar and Pat begin to review the available property that is within Omar’s financial limitations and also meets the wants and needs of the buyer.

When is the agency relationship disclosed?

When Omar expresses an interest in a particular piece of property, agency disclosure is required. This is correct because Virginia regulations state that disclosure is required before substantive discussions about a specific property.

For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.

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Will Nesbitt

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Will is the principal broker of Nesbitt Realty and Condo Alexandria. He is licensed in anywhere in the Commonwealth of Virginia, but focuses on those communities found in and around Alexandria, Arlington, Mount Vernon and Springfield/Franconia. Will has been involved in real estate management, sales and investment for more than twenty years. He is a veteran of the U.S. Army. While in the army, he studied Russian at Monterey's Defense Language Institute. He is also a "veteran of the dotcom wars" and built most of the sites associated with Will currently resides in Belle Haven Estates just outside Old Town, overlooking New Alexandria. He is a former president of the Mount Vernon Youth Athletic Association and founded the Alexandria Fun with Friends Group. Will is the author of BattlestorM, a tabletop fantasy game, which was published by Ral Partha Publishing in the late '90's, and Arthur's Realm, a boardgame available at the Gamecrafter.