Common Virginia Real Estate Issues
Must the seller’s real estate agent disclose potential issues duty to the buyer?
Common Virginia real estate issues include a realtor who acts as an agent in a real estate transaction. What gets most agents in trouble is only disclosing information to the party that hired them and not both parties involved in the transaction. However, the realtor must only disclose information to the secondary party when the action is practicable. Finally, the realtor must disclose any material and relevant facts, data, or information which the licensee knows, or which by the exercise of reasonable care and diligence should have known.
Must my real estate agent not disclose confidential information indefinitely?
A licensee in a brokerage agreement that represents a client in a real estate transaction must not disclose confidential information. Under normal circumstances, this law is only enforced for one year after the revocation or termination of the brokerage agreement. A court of competent jurisdiction can remove this term. However, in this situation, the realtor must give written notice to the client.
Is a real estate licensee responsible for the misrepresentation of a client?
There are a few situations in which a licensee can be held liable for a misrepresentation made by a client. The most common situation where this is applicable is if the realtor knew the client made the misrepresentation. Furthermore, the realtor must also fail to inform the person that the statement in question was false.
Is there something always in any action for compensation by an agent?
A person, limited-liability company, partnership, association, or corporation engaged in the business or acting in the capacity of a real estate broker or a real estate salesperson in Virginia may not commence or maintain any action in court relating to the collection of compensation without the required actions. To start the collection process, you must allege and prove that the person, limited-liability company, partnership, association, or corporation was a licensed real estate broker or real estate salesperson at the time the alleged cause of action arose.
Contact Our Virginia Attorneys for More Information
For more than 20 years, Antonoplos & Associates has practiced commercial real estate, residential real estate, and real estate disputes and litigation matters. Finally, we represent clients throughout DC, Maryland, and Virginia.
For more information on common Virginia real estate issues, contact us at 202-803-5676. You can also directly schedule a consultation with one of our skilled attorneys.