State Agency Rules (Virginia)
Virginia requires written brokerage agreements, disclosure of brokerage relationships, and a residential property disclosure that emphasizes buyer due diligence.
Brokerage Relationships and Disclosure
Virginia law requires that agency (brokerage) relationships with clients be established in writing, specifying the services and duties owed. Licensees must disclose their brokerage relationship to the other party in a transaction so everyone knows who represents whom. Virginia recognizes standard agency, designated agency, and independent (non-agent) relationships, each with defined duties.
The Residential Property Disclosure Act
Virginia follows a buyer-beware framework. Under the Residential Property Disclosure Act, the seller provides a disclosure statement notifying the buyer that certain matters are the buyer's responsibility to investigate and that the buyer should exercise due diligence, including obtaining professional inspections. The seller still may not actively conceal known material defects.