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.
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?
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Each year, on the first of July, the various laws passed by the General Assembly and signed by the Governor take effect. VAR has had a hand in a number of important pieces of legislation that affect our members — and there are several other laws that, while we didn’t have a hand in them, are the kinds of things Realtors® and brokers are likely to encounter.
We've made a variety of resources available to members so they know exactly what changes are coming that will affect their business. So what's available?