Escrow Agreements are commonly seen in real estate transactions, although they should be used as a last resort. Escrow agreements are generally utilized when there were outstanding PICRA items that could not be repaired/fixed/replaced prior to closing or when there were walk-through items that could not be repaired/fixed/replaced before closing. Essentially, an escrow agreement is an agreement signed by both …
If you are considering or are in the process of purchasing or selling a home and you know you will not be able to be physically present at the closing table, then you have a couple of options.
Real Estate has some terminology that may throw you off if you are a first time homebuyer. Below sets forth some common terms used in Real Estate Transactions and what each means in lay terms. ALTA- Stands for American Land Title Association, the national trade association for the title insurance industry. ALTA member companies include businesses that conduct your closing and …
It is always our goal to get to the closing table as seamlessly as possible; however, there are some things that can go on in the background that may be overlooked but that are very important to the process.
PICRA stands for Property Inspection Contingency Removal Addendum and it is something that comes up in a lot of Residential Real Estate deals.
Private Mortgage Insurance (PMI) protects lenders against borrower’s potential default (if you stop making payments on your loan). PMI is usually applied when your down payment is less than 20%.
On July 1, 2020, the General Assembly enacted an amendment to the Virginia Fair Housing Law (“VFHL”) (Va. Code §§ 36-96.1 et seq.) to include source of funds as a protected class. The Virginia Real Estate Board division of the Department of Professional and Occupational Regulation (“DPOR”), charged with carrying out the VFHL has recently added some clarification to the …
To protect possibly the most important investment you’ll ever make – the investment in your home. With a title insurance policy, you as owner, have an indemnity contract that will reimburse you for loss in the event someone asserts a claim against your property that is covered by the policy. How can there be a title defect if the title …
A lot of attention is given to the seller side of a short sale transaction, and rightfully so. The bulk of the complexities involved in a short sale take place on the listing side. The correspondence with the lender in order to obtain approval is the driving force of the transaction. But, selling agents and buyers should be equipped prior …
1) Using Proper Names One of the most simple yet easily missed items on the contract is using the proper names for the parties. Not only is this important for title purposes, but lenders rely on this information when they are prepping their documents. Party names should be consistent with their identification. If the buyer or seller is an LLC …