The Vermont Real Estate Commission new Designated and Non-Designated Agency rules are now in effect. The rules eliminate limited agency and allows brokerage firms to adopt designated agency. The changes allow one or more licensees to be designated as agents for a seller or buyer, rather than the current practice of all licensees within a brokerage firm owing fiduciary duty to the principal. It is important to note that designated agency is a choice, allowing brokerage firms to make no change and continue with the current agency model that is in place.
My company, Century 21 Jack Associates, is going to continue practicing non-designated agency for the meantime. This means that ALL of the agents in Century 21 Jack Associates represent ALL of our seller and buyer clients. We do not have the option to represent buyers in the same transaction we are representing the seller in. We are going to make a move to Designated Agency sometime in the near future, but we need to be sure all of our agents are well trained in the new policy, and understand exactly what their role is and how they must operate under the new rules.
Click here to view the new Vermont Real Estate Commission's Mandatory Consumer Information Disclosure that will be used by Non-Designated Agency Real Estate Firms.
Click here to view the new Vermont Real Estate Commission's Mandatory Consumer Information disclosure that will be used by Designated Agency Real Estate firms.
As the Chairman of the Vermont Realtors Forms Committee, it has been my pleasure working with our attorney and the members of my committee to develop the new forms for our use. The forms were made available to our members for the first time yesterday.