“My friend isn’t happy with the firm selling their home and wants me to take over. What can I say?”
March 28, 2023
Q: A friend of mine is selling their house but they listed their house with another firm. They aren’t sure if they are satisfied with their current progress and would like to talk to me to see what they can do and, possibly, end their agreement with the firm and sign with me. What can I say to them?
A: This is covered in the Code of Ethics, Standard of Practice 16-6. If you know they are being represented and they initiate the conversation with you, whether directly or not, you are allowed to do two things. You can discuss the terms upon which you may enter into a future agreement. Or, you can enter into an agreement which would be effective on the expiration of any existing exclusive agreement. In either event, at a minimum, you’ll need to be very careful that you do not engage in any interference with the existing contract.
What is the Legal Hotline?
The Legal Hotline is a member benefit that has been supporting members for over 25 years. Our team of lawyers answers your important questions about real estate transactions quickly and accurately (usually within three business hours!).
Bonus! Here are some tips to help make the Legal Hotline work for you!
Information accurate as of 03/28/23
You might also like…
“Can cooperative compensation be a condition of the buyer-broker agreement?”
By Ryan Leonard - July 24, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section. Q:… Read More
Your Guide to Tenant Confidentiality According to the VRLTA
By Jon Haley - July 17, 2024
Keeping information received from tenants and prospective tenants confidential is one of your most important responsibilities as a property manager. Luckily, the VRLTA provides a pretty thorough list… Read More
“A home I’m listing borders land where a mixed-use development is planned. As a dual agent, must I disclose this?”
By Sean Olk - July 15, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section.… Read More