Skip navigation
Virginia Association of Realtors » »

Earnest money deposit

Legal Hotline FAQs: VAR's Purchase Contract EMD Language Update (Form 600)

VAR's popular purchase contract, Form 600, has been updated with new earnest money deposit language. Blake Hegeman walks you through the changes while answering some common questions:

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.

Earnest money deposits: the full story

One of the most important duties a REALTOR® has is holding a clients' funds for Earnest Money Deposits. VAR's Blake Hegeman updates viewers on EMDs by covering this info:
    •    Release of EMD funds
    •    Timeliness of releases
    •    Can the absence of an EMD prevent a contract from being ratified?

CLICK HERE to see what other videos are available in VAR's legal video library.

2011 New Laws Virginia Realtors® Need to Know About

The 2011 Session of the General Assembly, like every other session, produced many changes in Virginia law. Most of these will take effect on July 1, 2011. VAR’s legislative team was able to secure many changes during this year’s General Assembly session that will have a profound effect on your real estate business.

IN THIS SECTION:

New Laws Virginia Realtors® Need to Know About: 2010

You must log in to view this resource

You're attempting to access a VAR members-only resource. To view it, please log in to the website using the login fields in the upper right hand corner of the website.

Your default login will be your e-mail address on file with your local association of REALTORS® and your 9-digit National REALTOR® Database (NRDS) number (unless you are a returning user and have changed your password to something custom.)

If you should have trouble logging in and you are an active REALTOR® member, please call us at (800) 755-8271 or e-mail VAR Tech Support at websupport@varealtor.com