Jun 27, 2012
New forms help agents comply with agency law changes
27 Jun 2012
VAR, in collaboration with forms providers from around the state (Northern Virginia Association of REALTORS®, Richmond Association of REALTORS®, and Roanoke Valley Association of REALTORS®, as well as several large firms and MLSs), has created new disclosure forms to help you comply with changes to agency law. These new disclosure forms are concise and user-friendly and are the product of an effort to reduce the number of new agency disclosure forms. All of the major forms providers had input in their creation and you are likely to see similar disclosure forms throughout the state.
The forms are now available for you to review though VAR’s Standard Forms Center (login required; this is a members-only resource).
**IMPORTANT NOTE: Please do not use them until July 1, 2012 – the date the agency law becomes effective.
- Disclosure of Brokerage Relationship for Unrepresented Party(ies)
- Disclosure of Dual Agency or Dual Representation in a Residential Real Estate Transaction
- Disclosure of Dual Agency or Dual Representation in a Commercial Real Estate Transaction
- Disclosure of Designated Agency or Representation
In addition to the required disclosure forms, VAR is also rolling out several additional forms to help you with your clients.
- Shortened Exclusive Right to Represent Buyer Agreement (2 pages);
- Shortened Non-Exclusive Right to Represent Buyer Agreement (2 pages);
- NEW short form: Non-Exclusive Right to Represent Buyer Agreement (1 page); and
- NEW Independent Contractor Listing Agreement (5 pages).
Make sure to take a few minutes to explore the rest of VAR’s Agency Center. We’ve got a growing library of videos and other tools to help you prepare for the changes to the Agency law.