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In residential transactions involving common interest communities, the resale certificate is central to both disclosure and risk allocation. A practical question that continues to arise is whether a listing agent satisfies the statutory requirement by simply uploading the resale certificate to the MLS. When analyzed under Virginia Code Title 55.1, Chapter 23.1, the answer is likely no.
The FinCEN residential real estate reporting rule has been one of the most significant regulatory developments affecting real estate professionals in recent years. A recent federal court ruling out of the Eastern District of Texas has now introduced meaningful uncertainty, leaving agents asking a practical question - what happens next?
As a real estate professional, you know that keeping up with new regulations is a constant part of the job. From local ordinances to federal mandates, the landscape is always shifting. However, a new federal rule is on the horizon that represents one of the most significant compliance changes in recent memory.
Understanding the Statute of Frauds & Contract Requirements
One question that comes up from time to time in real estate transactions is whether a buyer can keep their identity confidential. Maybe it’s a high-profile individual, an investor who doesn’t want to tip their hand in a competitive market, or simply someone who values privacy. The instinct is often to ask: Can I withhold my name from the purchase contract and stay anonymous until closing?
The short answer: No. At least not if you want a valid, enforceable contract. Here’s why.
SHOW! ME! THE! MONEY!
A settlement agent would never demand that a purchaser “show me the money.” However, the settlement agent must be in receipt of all signed closing documents AND all closing funds for settlement to be complete, as Virginia is a “wet settlement state” – essentially settlement is complete when the ink on the signed closing documents is still wet, theoretically speaking.
What do skunks, alligators, peacocks, and capuchin monkeys all have in common, besides the obvious fact that they are all animals? All are examples of true-life emotional support animals or ESAs. Network news and social media abound with examples of the extreme. Back in 2015, a Wisconsin McDonald’s restaurant received some unwanted publicity after ejecting a woman and her emotional support kangaroo from the restaurant. In 2018, Frontier Airlines removed a passenger from her flight after she insisted on keeping her 11-week-old emotional support squirrel with her, delaying the flight by 2 hours. And more recently, in September 2023, a man unsuccessfully attempted to bring his emotional support alligator into Citizens Bank Park in Philadelphia for a pregame meet-and-greet with Phillies players. Many other newsworthy instances of issues around ESAs revolve specifically around housing, which opens up a whole new can of worms. Access to fast food, airplane flights, and fun leisure activities like professional baseball games don’t trigger the Fair Housing Act, which would apply to cases involving ESAs and housing.
A seller approaches you seeking a quick sale on a vacant lot. That seller communicates and interacts with you strictly via email and/or text message and uses words indicating urgency. The seller requests a list price that is less than market value. These are all potential red flags for seller impersonation fraud.
Pulitzer Prize winning writer and poet Alice Walker wrote, “In nature, nothing is perfect and everything is perfect. Trees can be contorted, bent in weird ways, and they’re still beautiful.” Well, that may be true unless said tree has been “Lollipopped.” As the old adage goes, “beauty is in the eye of the beholder,” and reasonable minds can certainly differ on the beauty and aesthetics of trees in a residential environment. And furthermore, how does one even begin to assign a value to something as subjective as the aesthetic value of a tree?
Imagine buying your dream home, moving in, and then being contacted by an attorney representing the seller’s creditors. The attorney informs you that there was a pre-existing lien on the home in the form of an unpaid tax bill or a mortgage, that was incorrectly recorded in the county land records. This lien was not discovered until after closing, but as the new homeowner, the lien may now be your responsibility.
