Virginia Real Estate Brokerage Agreement Explained

The brokerage agreement is new to many people when purchasing Real Estate.  It used to be that sellers needed to sign a contract to work with a sellers agent but buyers didn't have to formally sign a contract when working with a buyers agent.   Since July 1, 2012, Virginia requires that all real estate brokerage agreements be in writing.  

Buyers are often blindsided by needing to sign the brokerage agreement simply because they weren't expecting it and don't fully understand what purpose the contract serves.  The agreement serves to inform the consumer of the services they are receiving and what *fees could be associated.  

Terms Of An Agreement
The brokerage agreement must outline the services provided by the real estate licensee, how long services will be provided, and any associated fees. Depending on the needs of the client and service offered, a brokerage agreement may be as short as one day or as long as mutually acceptable. The agreement may be for specific properties or for a wide range of available properties.

 Duties Of An Agent
All associates with Funkhouser Real Estate Group must abide by Virginia laws and the REALTOR® Code of Ethics. These standards require an agent to fulfill these obligations:

• promote the interests of the client
• maintain confidentiality beyond the terms of the agreement
• account in a timely manner for all monies received
• disclose material facts related to the property or concerning the transaction
• treat all parties to the transaction honestly
• perform under the terms of the brokerage agreement

Source: MattiasClymer.com