• Davis Law Group Team

Category Archives: Contract

Virginia Requirement of Written Brokerage Agreements for Realtors®

Effective July 1, 2012, Virginia agency law was revised to require written brokerage agreements between licensees (Realtors®) and their clients (buyers or sellers) when a brokerage relationship is established.

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Am I Required to Close by the Settlement Date in a Real Estate Contract?

Maybe – it depends upon the precise language of the contract. Most standard real estate contracts contain the following provision: “Settlement to be on or before ______________ (‘Settlement Date’).” So the question becomes whether this requires settlement on or before the settlement date. Or, stated differently: “Am I in breach of the contract if I do not close by the settlement date?”

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