Sellers and listing agents have different disclosure obligations in Virginia. Listing Agents must disclose material adverse facts pertaining to the physical condition of the property of which they have actual knowledge to prospective purchasers. A case in Virginia examined the scope of “physical condition of the property” and what a listing agent’s duty for disclosure is when selling their own home. The Material Adverse Fact Disclosure for Agent-Owners video explores this topic.
As deputy general counsel for the Virginia Association of REALTORS®, Blake Hegeman counsels association staff and volunteers on legal best practices. Additionally, he teaches more than 60 educational sessions each year, writes the “Legal Lines” section for Commonwealth Magazine and answers the VAR Legal Hotline.