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Legal Duties of Buyer's Agents, Per Virginia Law

The below information was pulled directly from I'll simply be sharing the law below without elaboration.

Beginning of quoted text from VA legal code on 2/5/23, excepting section G where quotes will be used when quoting the law or otherwise:

§ 54.1-2132. Licensees engaged by buyers.

A. A licensee engaged by a buyer shall:

  1. Perform in accordance with the terms of the brokerage agreement

2. Promote the interests of the buyer by:

3. Maintain confidentiality

4. Exercise ordinary care;

5. Account in a timely manner for all money and property received by the licensee in which the buyer has or may have an interest;

6. Disclose to the buyer material facts related to the property or concerning the transaction of which the licensee has actual knowledge; and

B. Licensees shall treat all prospective sellers honestly and shall not knowingly give them false information.

C. A licensee engaged by a buyer in a real estate transaction may, unless prohibited by law or the brokerage agreement, provide assistance to the seller, or prospective seller, by performing ministerial acts.

D. A licensee engaged by a buyer does not breach any duty or obligation to the buyer by showing properties in which the buyer is interested to other prospective buyers, whether as clients or customers, by representing other buyers looking at the same or other properties, or by representing sellers relative to other properties.

E. Licensees in residential real estate transactions shall disclose brokerage relationships pursuant to the provisions of this article.

F. Nothing in this section shall be construed to require a licensee to disclose whether settlement services under Chapter 10 (§ 55.1-1000 et seq.) of Title 55.1 will be provided by an attorney or a nonattorney settlement agent.

G. Buyer brokerage agreement requirements before showings

1995, cc. 741, 813; 2006, c. 627; 2011, cc. 34, 46; 2012, c. 750; 2016, c. 334.

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