Mount Vernon Real Estate Report: Buyer, Be Aware!
Changes to Virginia’s buyer agency laws affect buyers and sellers; October sales volume is up and inventory is down from last year.
On July 1, amendments to the Virginia Code went into effect that essentially clarify further new laws relating to buyer agency in Virginia. Most consumers are not fully aware of the intricacies of agency law, but real estate agents have been schooled on it regularly to keep up with changes. Buyers and sellers know that typically speaking they can choose to hire a real estate brokerage firm to represent them in either the sale, purchase or rental of a property. While this remains true, these new amendments aim to make clearer who is representing whom. What many consumers may not know is that in 1997, the Commonwealth passed a law that established “buyer agency” or an exclusive agreement between the buyer and a real estate brokerage firm in …
