Good afternoon,
A well-known property portal has recently announced it will have a “touring agreement” to be used with buyers who have been acquired through their lead-generation service. The “touring agreement” is in response to the NAR Proposed Settlement which requires agents and buyers to have a written agreement before “touring” a home.
Upon analysis of this “touring agreement” form, Virginia REALTORS® does not believe it is in compliance with the requirements of Virginia law.
Please discuss your business practices AND any agreements that you are going to use with your broker and ensure that any forms you use are in compliance with Virginia law.
Additionally, before using any agreements which do not include any compensation, check with both your broker and your E&O insurance carrier. There are reports saying that some E&O policies will not provide coverage in any instances where there is no compensation paid.