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Each year the Virginia Association of REALTORS® puts forth a legislative agenda before the Virginia General Assembly. The summaries below are REALTOR® initiated legislation has been signed by the Governor and takes effect July 1, 2015.
New Laws – Video 1: General
Forms Release: April 2015
In April 2015, VAR updated all three of the purchase contracts. The only substantive change to these forms was in the EMD paragraph. Due to concerns raised by the VREB, VAR amended the language in the EMD paragraph to clarify that the deadline for escrow agents to deposit earnest monies started running after the later of either contract ratification, or a later date agreed to by the parties. Additionally, there were minor proofreading changes made to the forms.
Over the weekend, your Virginia Association of REALTORS® Policy and Advocacy team received confirmation that Governor McAuliffe signed the entire Virginia Association of REALTORS® Legislative Agenda into law. Though the specific provisions of the bills he signed will not come into effect until July 1, 2014, we are pleased that the Governor signed them, exactly as they passed the Virginia General Assembly.
DPOR is experiencing significant delays in processing applications for new and transferring real estate agents.
Monthly applications have been up almost 50 percent this year compared to last, and DPOR simply doesn’t have the staff to handle the increase.
The good news is that DPOR has been approved to pay for overtime — including having staff come in on Saturdays — to catch up on some of the backlog. It’s also received the go-ahead to hire three more staff, and expects to be able to add a fourth as well.