The Well/Septic Addendum has been revised and will be released effective September 15, 2018. Presented here are the highlights of the revised form. The revisions are found in the Septic portion of the addendum.
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).
Approximately four years ago, Vesta conducted a closing on which the buyer inquired about using Bitcoin for payment purposes. I politely explained that the rules in Virginia as well as the standard contract required certified funds or bank wired funds. Generally, certified funds are a form of payment that is guaranteed to clear or settle by the company certifying the funds.
Upon transitioning from litigation to residential transactional real estate, I realized something refreshing. In real estate, everyone wants the deal to close.
In litigation, the interests of the parties are not aligned and the litigants, even in success, are still subjected to extreme stress and the expenditure of significant amounts of money. In a real estate transaction, assuming the buyer wants to buy and the seller wants to sell, the interests of all involved are the same. Everyone wants the deal to close.