Keith Barrett, Esq.

Waiving the Amendatory Clause

Waiving the Amendatory Clause

With few exceptions, parties to a real estate contract can mutually agree to terms of the contract. However, certain laws and requirements may prevent parties from agreeing to certain contractual provisions, even if both parties are in agreement. Some examples are the buyer’s choice of settlement agent or the buyer’s right to cancel under the Property Owner’s Association Act.

The Home Inspection Report: To Give or Not to Give?

The Home Inspection Report: To Give or Not to Give?

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?

Disclosure

Disclosure

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!

HOA 3 Day Right To Cancel - And We Mean It!

HOA 3 Day Right To Cancel - And We Mean It!

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?

Funding Authorization

Funding Authorization

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.

Real Estate Team Licensing

Real Estate Team Licensing

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.