Do you own a small business or plan to start a new business with a partner/co-owner? Have you considered what will happen in the event of your death or your business partner’s death? What if your business partner is sued for divorce or declares bankruptcy? All of these events (and more) may negatively impact the operation of your small business. It is important to plan ahead.
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.
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?”