At just about this time last year, the Northern Virginia Association of Realtors Board of Directors approved a new form entitled, “Buyer’s Acknowledgement of Adverse Consequences.” (the “Form”). The release of the Form could not have been more prescient.
So . . .which contract controls?
Throughout Virginia form contracts are provided by Realtor Associations to the membership they serve to create efficiencies through the use of legally enforceable contracts for the purchase and sale of residential real estate. These form contracts provide a familiarity and comfort level for real estate agents, who in Virginia enjoy an exception to the unauthorized practice of law rules for contract work they engage in for clients they represent.