Risk Management
VAR Form 600 gets new EMD language
VAR’s popular Residential Contract of Purchase (Form 600) has gotten an update for the Earnest Money Deposit (EMD) provision to help clarify the law for Realtors® and consumers. The June/July issue of Commonwealth – hitting your mailbox this week – includes a whole Legal Lines devoted to these changes. We’ve made those changes accessible online now, so you can see what’s new.
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VAR Form 600 Residential Contract of Purchase Update - Earnest Money Deposits
Working with the major forms providers, VAR has recently made major changes to the Earnest Money Deposit (EMD) section of its Residential Contract of Purchase (Form 600) that clarifies Virginia law for consumers and agents.There is now also an additional space added next to the Home Inspection paragraph.
New laws take effect July 1
On July 1, a whole lotta Virginia’s new laws take effect, including a bunch that affect real estate and Realtors. Are you ready? Do you know what’s changing? (Hint: You’d better.)
We’ve got you covered on our just-launched 2013 "New Laws Virginia Realtors Need to Know About" page. (Sorry — we couldn’t come up with a fancy name for it.)
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Legal Hotline FAQs: Contract Formation
VAR's Blake Hegeman explains some of the basics of contract formation, especially with regard to short sales. There are many contracts being used out there, but there are certain fundamentals. What are they?
- offers and withdrawals of offers to purchase
- short sale contract ratification - how are they different and the same as typical contracts?
- earnest money deposits
- setting expectations with clients
- outlines VAR form 600G - short sale form for purchasers
Tune in to find out!
2012 New Laws REALTORS® Need to Know About
The 2012 Session of the General Assembly, like every other session, produced many changes in Virginia law. Most of these will take effect on July 1, 2012. VAR’s legislative team was able to secure many changes during this year’s General Assembly session that will have an effect on your real estate business.
IN THIS SECTION:
Fair Housing & Blueprint
CLICK HERE TO REGISTER
Join us for this informative and interactive seminar taught by Mahalia “Mally” Dryden-Mason, Consumer Education Coordinator and Fair Housing Training Specialist. Mally is approved by the Real Estate Board and the Fair Housing Board as a course provider whose seminars meet the requirements for real estate continuing education and fair housing certification. Her enthusiastic presentation will cover everything you need to know about Fair Housing in Virginia.
Good news: DPOR updates its license transfer process
Earlier today, all Virginia brokers received the following notification:
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DPOR License Transfer Information
In early March 2013, the Virginia Department of Professional and Occupational Regulation (DPOR) issued clarification about its real estate licensee transfer policy that created concern about when a transferring licensee is able to practice at his new firm. In response, VAR has been consistently working with DPOR staff and Virginia Real Estate Board members on a solution that will allow licensees to transfer seamlessly to a new firm.
Legal Hotline FAQs: Designated Agency & MLS Withdrawals
VAR's Blake Hegeman introduces the newly revised hotline FAQs brochure (free to download at www.VARealtor.com/LegalResources) and answers these common questions:
- Can a firm practice designated agency if it holds only two licenses or has only two licensees?
- What if my client asks me to withdraw their listing from the MLS?
CLICK HERE to download the newly revised 25 Legal Hotline FAQs Blake mentions in this video.
Study finds discrimination across Virginia
Despite the law, Latinos are still receiving “adverse treatment” across Virginia — that’s the result of an investigation across Virginia by the Equal Rights Center and the law firm of Drinker Biddle & Reath.
Essentially, they conducted “matched-pair” test inquiring about rental properties. That means they sent ‘equivalent’ whites and Latinos to ask about the same properties — ages, martial status, income, etc., were the same.
“In 55 percent of tests,” the report found, “the Latino tester received adverse, differential treatment as compared to the white tester, in at least one respect.”