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