In March of this year, the Virginia Legislature approved a new bill which would require written consent from a represented seller’s counsel before a settlement agent or its subsidiaries, affiliates, or subcontractors [“Settlement Agent”] can collect any fees payable to the Settlement Agent from the seller. Effective July 1, 2023, the law regarding choice of Settlement Agents in Virginia will read as follows:
What You Might Not Know About the Earnest Money Deposit
An earnest money deposit (EMD) is the money that a Buyer puts down to demonstrate their “good faith” or seriousness about buying a particular home. If the Buyer defaults on or cancels the contract, this EMD serves as liquidated damages, in part to compensate the Seller for the time, expense, and effort expended on that transaction and/or required to secure new buyers. Shortly after the contract to buy/sell a particular property is entered into, the EMD is paid to a third party (“Escrow Agent”), typically the title company handling the closing.
New Real Estate Scam Alert: Home Title Fraud
Unsuspecting real estate agents are being made unwitting accomplices to this new real estate scam! But not you, because you follow Vesta Settlements where we keep you up to date on information such as what this home title fraud (also referred to as home title theft) scam is and how you can stay safe.
Save Monthly By Having Your Private Mortgage Insurance Removed Early
Surprising Ways to Fund Your Home Purchase 2023
As a Settlement Company, we see our clients structure the purchase of their homes in a number of different ways and we know that help in purchasing your new home is out there if you know where to look. So if “Homeownership” is one of your goals for 2023, here are some surprising sources of assistance in turning your dream into a reality:
What is a Survey and How Does it Protect You?
You painstakingly research and educate yourself prior to purchasing important items such as automobiles, car seats, computers, or smart phones – it should be no different when purchasing your largest asset, your home. Surveying the property is an important part of that research. So, what is a survey and how does it protect you, as the buyer of real property?
Wrap Around Mortgages
As interest rates continue to rise, buyers may begin to search for creative financing alternatives that allow them to maximize their purchasing power and get into the homes of their choice. One option that may reemerge from the days of high interest rates in the mid 1970’s and early 1980’s is the wrap around mortgage. So, what is a wrap around mortgage and what makes it so attractive for buyers and sellers in the face of continued interest rate hikes?
Fair Housing – Know the Rules
Source of Funds - A Protected Class in Virginia
The Virginia General Assembly during the 2020 session revised the Virginia Fair Housing Law to include “source of funds” as a newly protected class effective July 1, 2020. According to the Guidance Document issued by the Virginia Real Estate Board (VREB), the primary impetus for the bill was to protect prospective renters and buyers from discrimination if they intended to pay for housing using a Housing Choice Voucher (HCV).
Who is Responsible for Repairs During a Post Settlement Occupancy?
Who is responsible for damage to the home or malfunction of systems during the post occupancy period? This is a common question for buyers, sellers, and their real estate agents, whenever a Post Settlement Occupancy Agreement (often referred to as a Rent Back Agreement) is made a part of the parties’ contract. To answer the question, we need to look at how this risk is allocated in the parties’ agreement.