The July 2023 updates to the National Association of Realtors’ (“NVAR”) standard contract forms are out and will be effective July 1, 2023 – they resulted in 4 new forms and modifications to 21 existing documents. It sounds intimidating, but a majority of the changes can be attributed to just a handful of major modifications and ensuring uniformity among the contract documents with respect to these changes. Those changes are as follows:

What is the right way to void a contract? The short answer is - it depends on what the contract says.

In March of this year, the Virginia Legislature approved a new bill which would require written consent from a represented seller’s counsel before a settlement agent or its subsidiaries, affiliates, or subcontractors [“Settlement Agent”] can collect any fees payable to the Settlement Agent from the seller. Effective July 1, 2023, the law regarding choice of Settlement Agents in Virginia will read as follows:

An earnest money deposit (EMD) is the money that a Buyer puts down to demonstrate their “good faith” or seriousness about buying a particular home. If the Buyer defaults on or cancels the contract, this EMD serves as liquidated damages, in part to compensate the Seller for the time, expense, and effort expended on that transaction and/or required to secure new buyers. Shortly after the contract to buy/sell a particular property is entered into, the EMD is paid to a third party (“Escrow Agent”), typically the title company handling the closing.

Unsuspecting real estate agents are being made unwitting accomplices to this new real estate scam! But not you, because you follow Vesta Settlements where we keep you up to date on information such as what this home title fraud (also referred to as home title theft) scam is and how you can stay safe.

Start off the new year by saving potentially hundreds of dollars every single month. All it takes is a simple phone call to your lender to find out if you are eligible to have your Private Mortgage Insurance (“PMI”) removed.

As a Settlement Company, we see our clients structure the purchase of their homes in a number of different ways and we know that help in purchasing your new home is out there if you know where to look. So if “Homeownership” is one of your goals for 2023, here are some surprising sources of assistance in turning your dream into a reality:

As interest rates continue to rise, buyers may begin to search for creative financing alternatives that allow them to maximize their purchasing power and get into the homes of their choice. One option that may reemerge from the days of high interest rates in the mid 1970’s and early 1980’s is the wrap around mortgage. So, what is a wrap around mortgage and what makes it so attractive for buyers and sellers in the face of continued interest rate hikes?