tag:blogger.com,1999:blog-30239739Mon, 22 Feb 2010 20:19:47 +0000The first Weblog (Blog) devoted to articles and discussion of the New Regional Sales Contract to be released by various associations of Realtors in the Washington D.C. Metropolitan area on September 15th, 2006. This is a personal project of Marcus Simon. <a href="http://marcussimon.com/contract/2006/06/disclaimer.html">Please see the Disclaimer published June 25, 2006</a>.http://marcussimon.com/contract/noreply@blogger.com (Marcus Simon)Blogger83125tag:blogger.com,1999:blog-30239739.post-8769467551438575624Wed, 15 Apr 2009 18:41:00 +00002009-04-15T16:40:29.903-04:00I had an "A Ha!" moment while teaching a class on Appraisals in Virginia and the new FHA and VA Financing addenda. In my previous post I describe the new FHA financing contingency as it is laid out in the new FHA Addendum to the Regional Sales Contract, and point out that there is language which makes it impossible to remove the financing contingency until a satisfactory appraisal has been http://marcussimon.com/contract/2009/04/fha-and-va-addenda-part-iii-deadline-on.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-3230450044244274554Thu, 09 Apr 2009 14:57:00 +00002009-04-09T15:47:29.131-04:00Today I will continue to breakdown the FHA Financing Addendum released with the new 2009 version of the Regional Sales Contract. We'll begin with the Financing Contingency. Without retyping the entire contingency (the form is available to view or download two posts down) lets look at how it is similar and how it is different from the Conventional Financing Contingency that many of are far more http://marcussimon.com/contract/2009/04/more-on-new-fha-and-va-financing.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-1027198190748673422Wed, 08 Apr 2009 18:44:00 +00002009-04-08T15:40:26.851-04:00I've now had some time to digest the new FHA and VA addenda and they are available for download at NVAR.com and elsewhere. I understand that some of the vendors don't have them in their systems yet, but they will soon.Before I launch into a Paragraph by Paragraph breakdown, a couple of important points should be made up front.1) The Forms do not contain an option to proceed without a Financing http://marcussimon.com/contract/2009/04/breakdown-of-new-va-and-fha-addenda.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-7426227953378728823Thu, 26 Mar 2009 20:21:00 +00002009-03-26T16:27:51.847-04:00Here are links to the new contract and two new addenda to be used for VA or FHA Financing.The are educational samples only. Please go the NVAR website to download the actual documents. You must be a member of NVAR. These forms were also released to various vendors on Friday, so you should have them available in Zip Forms, Auto Contract, or through your brokerage soon.Regional Sales ContractVA http://marcussimon.com/contract/2009/03/nvar-releases-new-version-of-regional.htmlnoreply@blogger.com (Marcus Simon)1tag:blogger.com,1999:blog-30239739.post-4785779384913876609Wed, 25 Mar 2009 01:09:00 +00002009-03-24T21:11:43.452-04:00The Greater Capital Area Association of Realtors which cover Montgomery County and Washington D.C. has posted the new Regional Sales Contract and a summary of the changes on their website found hereNVAR should have their version out to Vendors and on the NVAR website soon. I'll have a paragraph by paragraph breakdown of the new VA and FHA Addenda posted here soon.--------------------------------http://marcussimon.com/contract/2009/03/gcaar-has-moved-to-2009-regional-sales.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-3555795691277881222Wed, 11 Mar 2009 12:54:00 +00002009-03-11T08:59:04.955-04:00I am off to the NVAR Standard Forms committee to discuss GCAARs proposed changes to the 2006 Regional Sales Contract which they would like us to adopt in 2009. The idea is to correct a major oversight made by the 2005-6 Regional Sales Contract Task force which forgot to include an FHA/VA financing contingency. In addition to correcting that oversight, the proposed FHA and VA financing http://marcussimon.com/contract/2009/03/is-2009-regional-sales-contract-in.htmlnoreply@blogger.com (Marcus Simon)1tag:blogger.com,1999:blog-30239739.post-2097486527604193626Wed, 14 Jan 2009 21:54:00 +00002009-01-14T17:11:42.006-05:00We've been inundated with news about the impact the January 20th inaugural festivities will have on traffic, our bridges, roads, metrorail, schools and the federal government, but what about the impact on the Regional Sales Contract? I didn't think there would be much of impact until I got this question from a real estate agent the other day: "We added the word business days to the contract to http://marcussimon.com/contract/2009/01/inaugural-impact-on-regional-sales.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-296765702464557066Thu, 06 Nov 2008 19:06:00 +00002008-11-06T14:36:37.290-05:00Now that it's November it's time to start focusing hard on the upcoming Holiday Season (although Retailers have been trying to get us to think about it since August). In addition to working on getting your holiday cards out, planning your holiday party schedule, and shopping, real estate agents should take note of the schedule of courthouse closings. Failing to do so could cost your Sellers http://marcussimon.com/contract/2008/11/courthouse-closings-2008-2009.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-7822769305682036570Fri, 08 Aug 2008 19:18:00 +00002008-08-08T16:14:46.928-04:00Here is a sample copy of the NVAR Standard Form - Seller Financing AddendumA clean form fillable copy can be downloaded from NVAR.com by clikcin on the Members Only tab and going to the list of downloadable forms. Look for Form Number K1335.I've received three calls in the last two days from agents with clients considering some form of Seller Financing. The Standard form is a check the box / http://marcussimon.com/contract/2008/08/seller-financing-addendum.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-3036948759485402813Wed, 16 Jul 2008 01:35:00 +00002008-07-15T21:58:22.010-04:00I, like many of you, was surprised to learn that the Virginia Real Estate Board (VREB) recently amended the Virginia Residential Disclosure Statement to comply with House Bill 837. HB 837, which received no attention from the Virginia Association of Realtors or the Virginia Bar during the session, requires a new 7th notice be given to all prospective purchasers advising them that the seller makeshttp://marcussimon.com/contract/2008/07/even-newer-disclosure-form-use.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-8563357215000073751Mon, 14 Jul 2008 16:56:00 +00002008-07-14T13:04:52.033-04:00The Fredericksburg Area Association of Realtors posted an interesting article about the new MRIS policy on Short Sale Listings and the tension between the policy and your ethical obligation as realtors to keep your clients personal financial information confidential.Michele Freemyers, of my law firm and the Fredericksburg office of Ekko Title added that she wished the posting had began and ended http://marcussimon.com/contract/2008/07/new-mris-policy-on-short-sales.htmlnoreply@blogger.com (Marcus Simon)2tag:blogger.com,1999:blog-30239739.post-4189329158578421599Fri, 23 May 2008 12:19:00 +00002008-05-23T08:44:16.542-04:00I have had several calls recently from real estate agents having difficult home inspection removal negotiations that wound up putting the entire transaction at risk over "nice-to-have" items. It is very important that Real Estate agents understand the danger of trying to extract concessions from the Seller. The way the Home Inspection Contingency for northern Virginia is written, a negotiated http://marcussimon.com/contract/2008/05/negotiating-home-inspection-removal.htmlnoreply@blogger.com (Marcus Simon)3tag:blogger.com,1999:blog-30239739.post-5256185489768956979Sat, 03 May 2008 20:07:00 +00002008-05-03T16:10:30.643-04:00If you know you are writing an offer on a short sale I highly encourage you to include the NVAR Short Sale addendum, rather than waiting for the Seller to counter with it. You want to control the deadline in paragraph 5 on page one of the addendum, as well as the timeframes on page two. You, the buyer, want to tell the Seller how much time you will give them to get the short sale approved, ratherhttp://marcussimon.com/contract/2008/05/who-should-fill-out-short-sale-addendum.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-8227977584759717247Tue, 01 Apr 2008 22:50:00 +00002008-04-01T18:52:01.360-04:00We are hosting two classes this week and next on the new NVAR Short Sales Addendum and how to handle short sale transactions generally.Please RSVP to marcus@ekkotitle.com if you would like to come.Seating is limited as the capacity at the Dolley Madison Library is only 60 people, so please RSVP and let me know if you plan to attend. Right now we still have a few spaces left and will maintain a http://marcussimon.com/contract/2008/04/we-are-hosting-two-classes-this-week.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-2478825088004409633Wed, 26 Mar 2008 02:43:00 +00002008-03-25T22:47:28.206-04:00http://www.thenovaauthority.org/PDFs/Press%20Releases/03-25-08%20NVTA%20Return%20Release.pdfAccording to the attached press release from the Northern Virginia Transportation Authority Website, the Circuit Courts that collected the $4.00 per thousand grantors tax from sellers that was recently ruled unconstitutional will have 60 days to come up with a plan to issue refunds.In many builder and Bankhttp://marcussimon.com/contract/2008/03/governor-signs-congestion-relief-fee.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-4512542927819677856Thu, 06 Mar 2008 21:27:00 +00002008-03-06T17:08:43.224-05:00nvarmarcus simonshort saleregional sales contractaddendumThe NVAR Board of directors approved three new forms at their last meeting and posted them online in the Members Only Section of the NVAR WebsiteThe most anticipated of the three is the new SHORT SALE CONTINGENCY ADDENDUMTO REGIONAL SALES CONTRACT.Form K1351 attempts to define what is meant by the term Short Sale as used in the addendum, has the parties acknowledge that approval is required, and http://marcussimon.com/contract/2008/03/nvar-short-sale-addendum-is-out-today.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-2697625276360248375Wed, 05 Mar 2008 10:57:00 +00002008-03-05T05:58:43.216-05:00There have been a lot of rumors circulating about what will be necessary to get your money back if you or one of your sellers paid the much higher Grantor's Tax during the months of January a February. Ultimately my guess is that a HUD-1 settlement statement may be the best source of evidence of who paid the Grantor's tax and who is entitled to the refunds. Some have suggested you will need a http://marcussimon.com/contract/2008/03/best-source-of-information-on-grantors.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-2028655133853389329Tue, 04 Mar 2008 03:08:00 +00002008-03-03T23:26:35.372-05:00The new Contingencies and Clauses addendum to the Regional Sales Contract made significant changes to the As-Is clause. Specifically, in addition to the old language, there are a list of paragraphs and clauses from the body of the Regional Sales Contract that may be explicitly deleted by checking a box in the As-Is clause. This allows purchasers to agree that a property will be purchased "As-Ishttp://marcussimon.com/contract/2008/03/as-is-as-woes.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-6427133841377342112Fri, 11 Jan 2008 19:19:00 +00002008-01-11T14:21:37.982-05:00NVAR has released new forms for download, including the new Disclosure statement, a new Contigencies and Clauses Addendum, and the new Home Inspection and Radon Contigency addendum I blogged about when it was first approved by the standard forms committee. More details to follow. Click on the post title for a link to NVAR's blurb about the new forms.---------------------------------------------http://marcussimon.com/contract/2008/01/new-forms-are-out.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-7923625895320137259Sun, 16 Dec 2007 15:51:00 +00002007-12-16T11:03:03.200-05:00I have been approached by a number of real estate agents this week who wanted my advice on how to protect themselves and their sellers against having something like this happen to them. For those who didn't see the story and don't want to click the link, the Buyer's showed up at closing with a certified check $2000.00 below what they needed to close. They claimed it was the result of a bad http://marcussimon.com/contract/2007/12/up-pops-real-price-tag-washington-post.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-2197668948138594358Mon, 10 Dec 2007 20:02:00 +00002007-12-10T15:13:03.720-05:00I had previosuly given out a different effective date for this important change to the real estate contracting process in Virginia.The new form adds very little new disclosure language, and looks far more like the current Disclamer Statement than it does the current Disclosure statement. The Code of Virginia will require Sellers of real property consisting of fewer than 4 residential housing http://marcussimon.com/contract/2007/12/correction-new-disclosure-statement.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-4258427191870448837Wed, 05 Dec 2007 18:36:00 +00002007-12-05T13:38:38.710-05:00In addition to the closing listed Below many localities have announced additional courthouse closing at the end of December. This is significant because it will delay the disbursing of Seller proceeds and may subject sellers to the new higher Grantor's Tax.Arlington will close at 1:00 on December 19 – recordings should be at the courthouse prior to 11:00 am.The following courthouses are closed http://marcussimon.com/contract/2007/12/more-courthouse-closings.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-942410241727447371Mon, 26 Nov 2007 19:54:00 +00002007-11-26T14:57:07.366-05:00Here is why I think the three days to rescind the contract started the day after the Purchaser in the Hypothetical described below picked up the FedEx package left at her door - in spite of instructions to the Seller to send the package care of the Purchaser's agent.First from the first paragraph of the Virginia Jurisdictional Addendum:"The parties agree that any documents sent to the Broker willhttp://marcussimon.com/contract/2007/11/condo-document-delivery-my-answer-to.htmlnoreply@blogger.com (Marcus Simon)0tag:blogger.com,1999:blog-30239739.post-7924710056839682508Wed, 21 Nov 2007 16:04:00 +00002007-11-21T11:14:43.226-05:00I have a hypothetical question that I've been asked. I have an answer but others disagree with me. I wondered if any of my subscribers had a take on this.Here are the facts as we know them:Seller used a commercial overnight delivery service to deliver the Condominium Association resale package to the Purchaser’s apartment. The delivery company dropped off the package in front of door. The http://marcussimon.com/contract/2007/11/help-answer-hypothetical-question.htmlnoreply@blogger.com (Marcus Simon)2tag:blogger.com,1999:blog-30239739.post-7652617999130668724Tue, 13 Nov 2007 13:51:00 +00002007-11-13T09:00:16.335-05:00real estatevirginia disclosure lawreal estate contractsAll Sellers of Real Estate in Virginia must comply with Virginia's Residential Real Estate Disclosure Act by provided either a disclosure or a disclaimer form. Beginning July 1, 2008 the two forms will combined into one "disclosure form" that looks suspiciously similar to the old disclaimer form. The current disclosure and disclaimer forms will remain on the DPOR website through December 31, 2007http://marcussimon.com/contract/2007/11/new-2008-disclosure-form-is-available.htmlnoreply@blogger.com (Marcus Simon)0