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.
Way to go, Jim. Good start to addressing this bill and I hope you continue to break it down.
I wish it made it absolutely clear what the words “at the time prior to the commencement of dual representation” mean as I believe many agents deliver the current disclosure, if at all, at the time they are to write an offer.
I believe a dual agency disclosure should be made prior to the delivery of any real estate related services such as the presentation of any property information or going out on showings, whichever comes first.
Thanks for addressing this important topic. At least the law will include a requirement that a disclosed dual agent must disclose what services he may or may not be permitted to provide so that the client will realize how the agency relationship has changed and what type of services, information, and advice he will not be getting after all.
Wish I had read more carefully before I chose a duel agent. It has been a nightmare and I have learned a lesson. This should be illegal and I have no idea where to advocate for this to become illegal in my state any informationas to where to call or write to advocate for the further destruction of this unethical practice would be welcomed