Buyer Representation

This bill would require a written agreement to be signed between a prospective buyer and real estate licensee prior to showing property to the prospective buyer.

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Deed Fraud

This bill would target scams where individuals sell property that they do not lawfully own (often called vacant land scams). The bill would clarify that settlement agents have a fiduciary duty to confirm that the seller of the property is actually the lawful owner.

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CIC – Insurance Deductibles

This bill would add a statement to the resale certificate alerting a potential buyer that the governing documents may make a homeowner responsible for payment in part or in full of the association’s deductible on a claim made by the homeowner against the insurance policy.

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Real Estate Board Members

This bill seeks to increase the qualifications required of persons appointed to sit on the real estate board. The years of experience required would increase from 5 years to 10 years actively engaged in the real estate business, acknowledged ability (indicated by experience in professional credentialing or certification, certification as a real estate instructor by the Board, or training in adjudication of other real estate licensees). It would also require that one licensee on the board have proficiency and experience in residential property management.

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Transfer Fees

This bill would prohibit the VREB from charging a fee to a licensee transferring within a primary place of business (e.g. from primary to its branch or branch to branch).

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If you have questions or thoughts about the 2025 Virginia REALTORS^® agenda or other Government Relations efforts, please contact us at advocacy@virginiarealtors.org.