Much Needed Clarification of the Source of Funds Law by DPOR

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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 …

Why You Need Title Insurance

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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 …

Four Questions to Ask Before Purchasing a Short Sale

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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 …

Five Common Mistakes Made on Real Estate Contracts

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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 …