Real Estate Disclosure Statement – State law requires owners of residential properties to provide potential buyers with a full declaration of disclosure of the real estate. 2. Unless otherwise provided for in Subsection 3 of this Subsection, such disclosure shall be made in writing at the earliest in practical time and at the latest at the time when the specific aid for immovable property is granted for the first time. Any disclosure that complies with the provisions of paragraphs 54.1 to 2138 A of the Virginia Code is deemed to comply with this disclosure obligation. One. The brokerage relationships set out in this Article begin at the time a client mandates a licensee and continue until (i) the service is concluded in accordance with the brokerage contract or (ii) the old expiry date agreed by the parties under the brokerage contract or any modification thereof, (b) any mutually agreed termination of the brokerage contract; (c) a delay by a party under the terms of the brokerage contract or (d) a termination pursuant to subsection G of section 54.1-2139. Virginia listing agreements are contracts in which a real estate agent commits to selling real estate as a broker to the owner of the building. There are two (2) main types of listing agreements, an exclusive agreement (the most common type) and an open agreement. In an exclusive listing contract, the broker obtains the exclusive right to sell the owner`s property for a commission.
In an open agreement, the seller can hire as many brokers as he wants and only pay the agent who successfully sells the property. In Virginia, a real estate agent can act as a broker for both the buyer and the seller during a transaction (this is called an “alternate” or “limited” agency) as long as he must obtain the written agreement of both parties. Once the broker and seller have entered into the contract, the broker has the power to negotiate the sale of the property until the expiry date of the contract. 5. As regards brokerage contracts concluded in connection with the agreement of the client to a dual representation, the information is set out in paragraphs 54.1 to 2139, paragraphS. A. 3. A licensee acting as a double or appointed representative, or as a double or designated representative, must obtain the written consent of all customers for the transaction at the earliest. Such consent is presumed to have been given by a customer who signs a disclosure pursuant to paragraphs 54.1-2139, 54.1-2139.01 and 54.1-2139.1 of the Virginia Code. Such disclosure shall be given to the buyer no later than the date on which the offer is submitted to the lessee who submits the offer to the broker or seller and (ii) to the seller at the latest at the time the offer to purchase is made to the seller. 1. Do you have a specific termination date; However, if a brokerage contract does not fix a date of final termination, the brokerage contract expires 90 days after the date of the brokerage contract; 1.
To the extent that disclosure has not been made in advance by a licensee, a licensee has the person whom the licensee represents under a brokerage agreement to a buyer or seller, actual or potential, who is not the licensee`s customer and who is not represented by another licensee, with whom the licensee has had substantive discussions about a particular property or property: the manner in which that term is defined in paragraphs 54.1 to 2130 of the Virginia Code. C. Unless otherwise agreed in writing, a licensee shall not owe any other obligations to a client at the end, expiry or conclusion of the performance of the brokerage contract, unless (i) accounting for all funds and real estate related to the brokerage relationship and (ii) all personal and financial information that the client receives during the brokerage relationship and any other information, that the client requests during the brokerage relationship to remain confidential, unless otherwise provided by law or that the client consents in writing to the disclosure of such information. . . .