What is “Agency” and Why Does The Law Require Me To Sign Something?

 

The Law

In real estate, “Agency” is the relationship between a Realtor and their client.  The agency relationship is defined in law and requires the Realtor to provide a specific level of skills and profiency that is only given to their clients.  For example, you as my client would benefit from confidentiality.  A skillset that is not owed to anyone else in the transaction.
 
In order to become a client one must sign a disclosure document, which also contains the terms of our agency relationship.  This became the law in Virginia in July of 2012.  NO licensed real estate agent may list a home, show property, work with a buyer, tenant, seller or landlord without gettting a written agreement before hand.  Again, even the act of showing a prospective buyer a home, without the requsite written agency agreement is a violation of the law.  I’m sure you don’t want to work with an agent who violates the law.
 
If you’d like a more extensive explaination, as well as sources of the law you can visit the Virginia Associaiton of REALTORS® website at www.VARealtor.com/agency.
 

The “Why” of the Law

Around about 2010 the lawmakers in Virginia, along with representatives of the Virginia Association of Realtors set out to ensure that consumers had a clear understanding of the role and duties of the real estate professional.  This level of clarity would help the consumer understand what to expect from a Realtor.  In order to ensure that agents were making the necessary disclosures, a written receipt (in this case the representation agreement) would serve to ensure that the consumer understood the agents role and that the parameters of the representation agreement were in writing and reviewable by anyone who had need.
 
What To Expect
 
When we meet, I will review the agreement with you and once we mutually decide that we’re a good fit, we’ll discuss the specific terms of the agreement, what you’re looking for and how I work to fulfill the context of the agreement.
 
Here’s a excerpt from the Virginia Association of Realtors:
 

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