Quick Summary
- A listing agreement is the contract between a seller and the listing brokerage. A buyer agreement is the contract between a buyer and their brokerage.
- In Virginia, brokerage agreements must be in writing, include a definite termination date and describe the fees and services. If no end date is stated, the agreement ends after 90 days.
- Since August 17, 2024, buyers sign a written agreement before touring with a realtor, and compensation offers no longer appear in the MLS.
- Most Virginia brokerages use standard forms from their REALTOR association, with exclusive right-to-sell agreements the most common for listings.
In this post: Listing agreements | Types used in Virginia | Buyer agreements | Terms to read closely | FAQ | Sources
What a Listing Agreement Does
A listing agreement authorizes a brokerage to market and sell your home. It states the list price, the length of the agreement, the brokerage’s fee, what services the brokerage will provide, and how either side can end it.
Types of Listing Agreements Used in Virginia
- Exclusive right to sell: the listing brokerage is paid if the home sells during the term, no matter who finds the buyer. This is the agreement most Virginia brokerages use.
- Exclusive agency: the brokerage is paid unless the seller finds the buyer without any broker’s help.
- Open listing: non-exclusive; several brokerages may market the home, and only the one that brings the buyer is paid. Uncommon for homes in Northern Virginia.
Buyer Agreements
A buyer agreement sets out what your realtor will do for you and how they will be paid. Virginia has required written brokerage agreements for years, and since the national settlement took effect on August 17, 2024, a written agreement is required before a realtor tours a home with you. The agreement must state the compensation clearly, and your broker cannot accept more than that amount from any source. See how realtors get paid for more.
Terms to Read Closely
- Term and termination: the start and end dates, and how either side can end the agreement early.
- Compensation: the amount or rate, when it is earned, and who pays it.
- Exclusivity: whether you can work with other brokerages at the same time.
- Protection period: whether a fee is owed if you buy or sell, after the term ends, a home that was introduced during the term.
- Dual representation: whether the brokerage may represent both sides, and what consent that requires in Virginia.
FAQ
What kind of listing agreements do most Virginia real estate firms use?
Most use an exclusive right-to-sell listing agreement, usually on a standard form from their REALTOR association. It must be in writing and include a definite termination date.
How long does a listing agreement last in Virginia?
As long as the agreement says. Virginia requires a definite termination date; if none is stated, the agreement ends after 90 days.
Can I cancel a listing agreement?
Only under the agreement’s terms or by mutual written agreement. Ask about early termination before you sign.
Is a buyer agreement the same as a listing agreement?
No. A listing agreement is between the seller and the listing brokerage; a buyer agreement is between the buyer and their brokerage. Both are brokerage agreements under Virginia law.
Sources
- Code of Virginia, § 54.1-2137, brokerage agreements
- Virginia REALTORS, NAR settlement details for Virginia
- National Association of REALTORS, The facts about the settlement
Updated October 2026. General information, not legal advice. Commissions are not set by law and are fully negotiable.
Talk Through an Agreement Before You Sign
Nikki Lagouros walks sellers and buyers through every term in plain language. Contact Nikki.