People also ask
What are the 4 essentials of a valid contract in real estate?
Required Elements of a Real Estate Contract To establish legality, a real estate contract must include a legal purpose, legally competent parties, agreement by offer and acceptance, consideration, and consent.
Can an agent represent both buyer and seller in Virginia?
In DC and Virginia, it is legal for one agent to act as a Dual Agent and represent both parties. In DC & Virginia, if two agents have the same Managing Broker, the agents are considered Designated Agents.
When did the buyer broker agreement become mandatory in VA?
On July 1, 2012, a number of changes to Virginia's Agency law went into effect. Among these changes is the requirement that all real estate licensees enter into written brokerage relationship agreements with their Buyer clients.
How do you get out of a real estate contract as a buyer in Virginia?
You can get out of a real estate contract in Virginia during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal.
Is a buyer broker agreement required in Virginia?
As of July 1, 2012, there is a new law that requires all REALTORS® in Virginia to have a signed \u201cwritten\u201d Buyer Brokerage Agreement prior to showing any property in Virginia.
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