So, what does the title have to do with you?  IRead On:

Today, I had to attend a mandatory 2 hour class regarding new laws that have been put in place in Virginia regarding Limited Service companies.  Virginia decided that the consumer has a right to choose who they want to help them sell a house (no surprise there), but they decided that the consumer also has a right to know what is included and what is NOT included. 

On this website are agents that give full service for a discounted price or rebate, and we have limited service companies and we have full service companies.  I'm ok with that.  There is always a need for choice.  And I am not afraid of representing what I do.  What has always bothered me, is when the offer is finally negotiated and signed, things weren't followed through on, or proper disclosures weren't done, etc.  and if I wanted my buyer to complete the deal, I ended up doing it.  Just to get the deal done.  I believe that some discount brokers count on the buyers agent to pick up the pieces and carry the ball.

Now, in VA. when you are offering limited service to a client, you must disclose the following:

1- You must spell out what you will do for the negotiated fee.
2- What you will NOT do for the negotiated fee.
3- and you must include a very large disclosure paragraph, in bold or underlined, that basically says the undersigned understands and acknowledges their informed consent.

Also, a limited service company still has to provide the required disclosures, including condo and poa docs, home disclosure/disclaimers, and additional local, required disclosures.

The legislation goes on to allow me as the buyers agent to perform certain actions for the seller, like order termite, pick up the POA docs, etc without taking on the liability or changing the agency relationship, AND I can charge the seller for that time.  Whatever amount that is agreed between my broker and seller.  For instance, if the seller says, who should I order the termite from?  My answer, here is a disclaimer and a list of fee for service, please sign here and I will be happy to tell you.  I will present my invoice to your settlement company for reimbursement of time and knowledge.  I may do the former if I have informed my buyer, and they are ok with it.

I think this is a step in the right direction.  I think the law still has some loopholes, and hopefully those will be ironed out soon.  I bring this up to you, to ask, how is it handled in your state?  Something similar?  Or not at all?  What do you think?