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It seems as though many of the recent stories regarding the real estate market focus on “changes” that are underway. Would you be surprised to know that there have not been any substantial changes in Virgina?
Well, it’s true! The primary focus on recent changes has been around buyer agent compensation and that the seller is not required to compensate the buyer’s agent. The buyer representation law has actually been in place in Virginia for about two decades. It requires licensed agents to disclose to their buyer clients how and by whom they are to be paid.
With the new agreement (between the National Association of Realtors and Federal Government) the buyer representation agreement in Virginia has not really changed. Sellers have the opportunity to set buyer agent compensation on determine whether, or how much, they are willing to pay.
When listing a home, I explain the pros and cons to my listing clients so that they fully understand the impact their decision has on the potential sale of their home.
Other things to note about this recent agreement:
- The buyer must have a signed agreement stating the compensation fee before showing them a home. (Again, not new in Virginia)
- The compensation offered to a buyer’s agent may not be stated in the MLS.
- Buyer side commissions may be paid by the buyer, the seller, or a combination of both. The terms regarding such must be included in the contract to purchase the home.
If you have any questions about the recent changes, or the local real estate market, just call/text me at (757) 254-6678.
Ted Evans, Associate Broker Coldwell Banker Traditions
