BrokerageIndustry News

Law would allow consumers to opt out of real estate services

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The Virginia Association of Realtors is pushing for new legislation that would change real estate law to provide for a special disclosure statement when consumers choose to work with a limited-service real estate agent. The legislative proposal, now in draft form, would also allow full-service real estate agents to supply information to consumers who are working with a limited-service agent on the other side of a real estate transaction. While current real estate law in Virginia bars real estate agents from engaging in an agency relationship with a client unless the agent performs a specific minimum set of duties for that client, the proposal would create a new category of agency relationship called "limited service agency." Limited-service brokers and agents typically offer consumers the option of selecting a reduced range of services in a real estate transaction in exchange for a lower cost of service – a limited-service broker may offer to list a client's property in an MLS ...