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New Agency Type Effective July 1 for Virginia

June 27, 2012  |  by Michelle

Effective July 1, 2012, Virginia Agents have a new agency type called Non-Agency.   This new agency type appears on the Selling/Rental Agency Pick List.   The Selling/Rental Agency Pick List only appears when the status is changed to SOLD.

What is “Non-Agency?  Non-Agency occurs when the real estate licensee does not represent either party to the real estate transaction and acts to facilitate the transaction by assisting the parties to reach an agreement, as an independent contractor and without being an advocate for the interest of either party. In the event of non-agency, the real estate licensee would not owe traditional fiduciary duties to either party, but would still owe the parties duties imposed on all licensees by the Commonwealth of Virginia.

This change takes effect July 1, 2012 for Virginia.

Posted in Compliance, Featured

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