Virginia Buyer Agent Agreement

In the past, if you were to approach a real estate agent for buying cheap homes in the state of Virginia and did not specifically ask for a buyer agreement then the real estate was assumed to be representing the seller’s side. This, on many occasions, resulted in buyers being under the impression that the realtor that they were dealing with was their representative and would get them cheap homes. However, from the beginning of next month, such wrong impressions will cease to exist as a new law will come into effect in the state of Virginia.

According to the law, buyers in the region will have to sign buyer agent agreements with their real estate agents if they have chosen to take their help for buying cheap homes in Virginia. Furthermore, the terms of the buyer agent agreement can also be negotiated by the two parties involved on a situation by situation basis.

Practically speaking, what this means is that when you approach a real estate agency for buying cheap homes, you will be explained in detail the concept of a buyer agent agreement and given the option of signing one. While the buyer agent agreement will take away a lot of ambiguity that has been ever present in the relationships between buyers and real estate agents, there are certain other situations which are not so simple.

Fortunately, there are ways to counter complicated situations as well such as a non agency agreement (limits the agent to only ministerial acts), a dual agency agreement (for situations where the agent represents buyer and seller) and a designated agency agreement (two agents from the same agency being designated to buyer and seller).