Articles

I See Dead People

Sixth Sense I seem to be seeing my share of dead people these days in real estate transactions. Naturally, when a seller dies during the pendency of a real estate contract the question asked is whether the contract is still enforceable. In 1835 the Virginia Supreme Court answered this question, in the case of Moore's… Continue reading

Fifth Grader

Are You Smarter Than a Fifth Grader? I do think I am smarter than a fifth grader – but when I watch the show I grasp for answers I should know. The problem for me is that I just can’t remember that far back. So here are some true or false fifth grader equivalent agent… Continue reading

Escalation Clauses

Given the current seller market, buyers are forced to respond rapidly and dynamically to competing offers received by the seller. As often as not, a particular buyer and her agent do not feel as though they are able to manage that process as well as they would like, so buyers are resorting to escalation clauses… Continue reading

Escalation Clauses Revisited

We noted Given the current seller market, buyers are forced to respond rapidly and dynamically to competing offers received by the seller. As often as not, a particular buyer and her agent do not feel as though they are able to manage that process as well as they would like, so buyers are resorting to… Continue reading

Doctrine of Merger

WALK‐THROUGHS AND THE DOCTRINE OF MERGER This just in: your legal corner guru is aghast. Someone said I stuck my foot in my mouth at the last Night Court regarding handwritten provisions (not) trumping boilerplate ones. To quote LYTLE ON CONTRACTS, OPUS 1, CHAPTER 1: “Thou are clearly wrong and mistaken,” and from CHAPTER 2:… Continue reading

Disclaimers

I CLAIM, YOU CLAIM, WE ALL CLAIM TO DISCLAIM THERE ONCE WAS AN AGENT NAMED NO‐BRAINER, WHO IN HASTE FAILED TO DELIVER THE DISCLAIMER, UNTIL AFTER IT WAS ACCEPTED, LEAVING HER SELLER REJECTED, WITH NO CHOICE IN THE SUIT BUT TO NAME HER. ANON TALL LAWYER Your man on the corner continues to hear grumbling… Continue reading

Contact Clause Drafting

DRAFTING CONTRACT CHANGES Although the form contract keeps getting longer and more complex in an attempt to cover all possible points and scenarios, agents still are routinely called upon to draft and insert language and clauses to modify it. Current regulations provide that it is not the unauthorized practice of law for “a real estate… Continue reading

Contingencies

What is a contingency? Black’s Law Dictionary defines a contingency contract as “a contract, part of performance of which at least is dependent on the happening of a contingency.” It goes on to define the word contingency as “an event which may occur” and says that the term contingent, when applied to a legal right… Continue reading

Confidential or Not?

Suppose you have a listing where there is a material adverse fact pertaining to the physical condition of the property. A bad furnace, for example. You rightly discuss this with your seller and advise the seller you are required under Va. Code § 54.12131(B) to disclose it to prospective buyers. Your seller, furious, demands that… Continue reading

Builder Warranty Primer

NEW CONSTRUCTION BUILDER WARRANTY PRIMER New home construction builder warranties arise either by implication under Virginia law or by an express provision in the contract between the builder and the buyer. Va. Code § 55‐70.1 implies a warranty in most new home sales regardless whether the contract provides a warranty. Under this statute, a builder… Continue reading

Bankruptcy FAQ

Your guy at the legal corner is becoming increasing concerned about a fundamental lack of understanding, at all levels, including affiliates, regarding the effect of bankruptcies on the sale of real estate. Is this really a big deal? VREB and VPAR will be the least of your concerns: not only might you forfeit your commission,… Continue reading

Agents As Notaries

I Swear, Agents as Notaries Your man on the legal corner is quite concerned and has been for some time that agents who are also notaries are not paying attention to the requirements imposed by that office. A notary acts as an official, unbiased witness to the identity and signature of the person who comes… Continue reading