These are the bills I’m tracking on Richmond Sunlight – bill ranging from real estate licensing to the castle doctrine to eminent domain – and quite a few more.
The Charlottesville real estate market has gotten busier since the General Assembly’s session started so my time has been more limited (and this highlights why the only ones able to really influence legislation are the ones paid to do so).
As a consumer, agreeing to Single-Agent Dual Agency would take an awful lot of consideration and trust … and perhaps a bit of greed and ignorance.
These are the edits to the already-passed but not-yet-enacted real estate licensing law, House Bill 206:
§ 54.1-2139. (Effective July 1, 2012) Disclosed dual agency authorized.
A. A licensee may not act as a dual
standard agent unless he has first obtained the written consent of all parties to the transaction given after written disclosure of the consequences of such dual standard agency. Such disclosure shall be in writing and given to both parties prior to the commencement of dual standard agency. The disclosure shall contain the following provisions:
1. That following the commencement of dual
standard agency, the licensee will be unable to advise either party as to the terms, offers or counteroffers; however, under the limited circumstances specified in subsection C, the licensee may have previously discussed such terms with one party prior to the commencement of dual standard agency;
2. That the licensee cannot advise a buyer client as to the suitability of the property, its condition (other than to make any disclosures as required by law of any licensee representing a seller), and cannot advise either party as to repairs of the property to make or request;
3. That the licensee cannot advise either party in any dispute that might later arise relating to the transaction;
4. That the licensee will be acting without knowledge of the client’s needs, client’s experience in the market, or client’s experience in handling real estate transactions unless he has gained that information from earlier contact with the client under the limited circumstances specified in subsection C; and
5. That either party may engage another licensee if he requires additional representation.
B. Such disclosures shall not be deemed to comply with the requirements set out in this section if (i) not signed by the client or (ii) given in a purchase agreement, lease or any other document related to a transaction. Any disclosure and consent that substantially complies with the following shall be deemed in compliance with this disclosure requirement: