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.
This post comes on the heels of a windstorm, the likes of which we haven’t seen in quite some time. The weather does not care what plans we have for selling and buying homes, conducting inspections or performing closings.There were likely any number of home inspections planned around the Northern Virginia region that were impacted by the windstorm. Certainly, the storm knocked out electricity to tens of thousands of homes thereby preventing a home inspection.
A contract is ratified.
Between contract ratification and closing, the agents coordinate a settlement time for their clients, perhaps together, or perhaps at different times and even different places. On the date of settlement identified in the contract, the seller shows up at the time scheduled and signs all the required paperwork. However, the buyer, who had scheduled their closing for 1pm that same day, does not show up (for purposes of this article, the reason doesn’t matter).