Part One of at least Two. Much more to come next week; for now, I’m prepping to show houses in the Charlottesville area for the next three days.
As a consumer, would you agree to Single Agent Dual Agency if you were informed about its’ true limitations?
This bill in the Virginia General Assembly, boldly recommended (and worked on for years) by the Virginia Association of Realtors would accomplish at least two things:
1 – Protect and inform the consumer
2 – Help to emphasize the value of representation of buyers and sellers.
3 – Nothing about dual agency’s perils changes; the only change below is that the limitations are spelled out – for everybody – for the buyers, the sellers, agents …
What is single agent dual agency? Whereby the same real estate agent “represents” the buyer and the seller in the same transaction … kinda like hiring the same divorce attorney for both parties.
The only one who benefits from Single Agent Dual Agency? The Realtor.
The highlighted portions are new:
A. A licensee may act as a dual representative
only with the written consent of all clients to the transaction . Such written consent and disclosure of the brokerage relationship as required by this article shall be presumed to have been given as against any client who signs a disclosure as provided in this section.