Throughout Virginia form contracts are provided by Realtor Associations to the membership they serve to create efficiencies through the use of legally enforceable contracts for the purchase and sale of residential real estate. These form contracts provide a familiarity and comfort level for real estate agents, who in Virginia enjoy an exception to the unauthorized practice of law rules for contract work they engage in for clients they represent.
The standard Residential Real Estate Contract used in Northern Virginia requires a Buyer who has a home inspection contingency to provide, among other things, an entire copy of the home inspection report to the Seller by the contingency deadline. Suppose a Buyer does so and in connection with the delivery of the home inspection report to the Seller, the Buyer also delivers a notice voiding the contract. May the Seller share a copy of the original Buyer’s home inspection report with a subsequent Buyer of the Seller’s property?
The sooner a buyer discovers a defect in their home after closing, the more likely it is the buyer will believe that the seller or listing agent did not disclose something they should have.
The question presented in Virginia is one of disclosure obligations.
While legal counsel may always be sought after in these scenarios, the following is a general analysis and clarification of rights and duties. To start with, a buyer must understand the significance of caveat emptor – buyer beware!
On July 1, 2012, Virginia became the first state in the county to authorize online remote notarization. Despite becoming law over 6 years ago, it seems only recently we have been bombarded with articles and talks about the promise of E-closings. It is important to understand the different types of closings, since the word E-closing is thrown around without knowing exactly to what it refers.
Betty Buyer and her agent receive an HOA disclosure packet from Sam Seller. Upon review of the packet, Betty Buyer and her agent determine that there is information missing and decide to order an update from the HOA. Four days later, Betty Buyer and her agent receive the update, review the documentation and decide to cancel the contract under the HOA statute. Sam Seller refuses to accept the notice of cancellation. Who’s right?
This article falls into the category of “how the sausage gets made.”
As a real estate agent, do you ever wonder why on certain transactions the broker commission check is received right away and on others, it is not? There are any number of reasons why this may be the case, one of which may be the funding authorization.
Virginia Code 54.1-2106.1 was revised to add new requirements for a real estate team. New subsection D reads, “No group of individuals consisting of one or more real estate brokers or real estate salespersons, or a combination thereof, shall act as a real estate team without first obtaining a business entity salesperson's license from the Board.