Effective Monday, October 1, 2012, several major sections of the Code of Virginia will be forever changed. The legislation by the Virginia Senate and House, which was signed into law by Governor McDonnell, creates Title 64.2 (Wills, Trusts, and Fiduciaries).
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.
On Tuesday, August 21, 2012, the Federal Housing Finance Agency announced in a news release that Fanny Mae and Freddie Mac are issuing new guidelines that will make the short sale process easier and quicker. The news release states that the “streamlined program rules will enable lenders and servicers to quickly and easily qualify eligible borrowers for a short sale.” This is great news for everyone, especially sellers, buyers and realtors.
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?”