2017 Code of Virginia
Title 54.1 - Professions and Occupations
Chapter 21 - Real Estate Brokers, Sales Persons and Rental Location Agents
§ 54.1-2139.01. Disclosed dual agency and dual representation in commercial real estate transactions authorized
A. A licensee may act as a dual agent or dual representative in a commercial real estate transaction only with the written consent of all clients to the transaction. A dual agent has an agency relationship under the brokerage agreements with the clients. A dual representative has an independent contractor relationship under the brokerage agreements with the clients. Such written consent and disclosure of the brokerage relationship as required by this article shall be presumed to have been given as against any client who signs a disclosure as provided in this section.
B. Such disclosure may be given in combination with other disclosures or provided with other information, but if so, the disclosure shall be conspicuous, printed in bold lettering, all capitals, underlined, or within a separate box. Any disclosure which complies substantially in effect with the following shall be deemed in compliance with this disclosure requirement:
DISCLOSURE OF DUAL AGENCY OR DUAL REPRESENTATION IN A COMMERCIAL REAL ESTATE TRANSACTION
The undersigned do hereby acknowledge disclosure that:
The licensee..............................................................…
(name of broker or salesperson)
associated with...........................................................…
(Brokerage Firm)
represents more than one party in this commercial real estate transaction as
follows:
Brokerage Firm represents the following party (select one):
[ ] Seller(s) [ ] Buyer(s) [ ] Landlord(s) [ ] Tenant(s)
As a (select one):
[ ] agent [ ] independent contractor
Brokerage Firm represents another party (select one):
[ ] Seller(s) [ ] Buyer(s) [ ] Landlord(s) [ ] Tenant(s)
As a (select one):
[ ] agent [ ] independent contractor
The undersigned understand that the foregoing dual agent or dual
representative may not disclose to either client any information that has been
given to the dual agent or representative by the other client within the
confidence and trust of the brokerage relationship except for that information
which is otherwise required or permitted by Article 3 (§ 54.1-2130 et seq.) of
Chapter 21 of Title 54.1 of the Code of Virginia to be disclosed.
The undersigned by signing this notice do hereby acknowledge their informed
consent to the disclosed dual representation by the licensee.
................…
....................................…
DateName (One Party)
................…
....................................…
DateName (One Party)
................…
....................................…
DateName (Other Party)
................…
....................................…
DateName (Other Party)
C. The obligation to make the disclosures required by this section shall not relieve the licensee of the obligations set out in subsection B of § 54.1-2137 requiring all brokerage relationships to be set out in a written agreement between the licensee and the client.
D. No cause of action shall arise against a dual representative for making disclosures of brokerage relationships as provided by this article. A dual representative does not terminate any brokerage relationship by the making of any such allowed or required disclosures of dual representation.
E. In any real estate transaction, a licensee may withdraw, without liability, from representing a client who refuses to consent to a disclosed dual representation thereby terminating the brokerage relationship with such client. Such withdrawal shall not prejudice the ability of the licensee to continue to represent the other client in the transaction or to limit the licensee from representing the client who refused the dual representation in other transactions not involving dual representation.
2012, c. 750; 2016, c. 334.
