By Nesbitt Realty – a family business
Explanation of Virginia and federal law affecting the sale and purchase of real estate.
But when we looked at how the General Assembly arrived at that figure, we noticed something immediately: Its calculations were based on the average grantor taxes collected from 2007-2011 – years that include the worst part of the housing crash. So we hired Dr. Chris Chmura, a well-known Virginia-based economist, to estimate sales data for the Northern Virginia area. Then, using those figures (ones that are more reflective of the current market), we saw that a 25-cent increase wasn’t necessary. Working hand-in-hand with local associations whose members would be affected by the increase, we met with the governor’s office repeatedly over several weeks. We showed how the region could raise that $30 million with only a 15 cent per $100 increase in the grantors tax. Governor McDonnell agreed, and worked our suggested change into his amended bill, which the legislature will consider. We will now be reaching out to members of the General Assembly to make sure they understand our intentions, most notably, not to do the bill harm. We think we’ve found a win-win scenario – one that lowers the amount of the grantor tax increase without lowering the amount of money that will flow into PDC 8 for transportation.
The short answer is most probably not. Liens of all types must be paid by the seller when property changes hands. Real estate tax liens have priority over all others. First mortgages usually come next. Then come mechanic's liens, second mortgages, water bills and other encumbrances. Federal and State income tax liens must get in line just like the others. A deed MUST be recorded before property can be pledged.
Of course, your situation might be different so it's important to always consult appropriate legal, tax and expert advice and never rely fully on advice you find on this or any Internet site.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
had made changes to his unit without first seeking permission of the association and then never had the changes inspected.
The change that the seller made? The seller had installed an overhead microwave and changed a cabinet without seeking any approval from the association. This was indeed a minor change. Furthermore, the seller claimed that he didn't actually make the change. It was his claim that a previous owner made that change and that the seller had NEVER read his condo docs.
My client, the buyer, was a very above-board and by-the-book type of character. It was his position that if this guy "hid this fact" who knows how much else he withheld? Even if he believed the seller's story (he did not) then it would show that this is a very inattentive owner. My client canceled the contract based on condo docs.
At another location and with another buyer and seller, the property went under contract and the seller did not deliver the condo docs, because the seller didn't have condo docs. The seller didn't have the condo docs because the seller didn't order his condo docs. The selling agent explains that the law allows for 14 days for the delivery of condo docs. I replied, "That's why you order docs when you list." Because if you allow 14 days for preparation and 2 days for delivery and then 3 days for review, then the buyer can cancel the sale 22 days after the contract is signed.
Here are the lessons for sellers:
In the Commonwealth of Virginia, emails sent for the purpose of advertising real estate services must contain specified disclosures at the beginning or end of the message. Does that mean disclosures are required in all emails?
Let's look at the case of Sally and Darrin. Sally lists her home for sale with an agent named Darrin. Sally is a busy gal and doesn't like phone calls. Sally prefers email and thus she and Darrin communicate regularly by email. Late one night, Darrin replies to one of Sally's emails but includes none of the required disclosures!
Has Darrin violated the rules of the Commonwealth of Virginia?
The answer is no. Sally is already Darrin's client and thus these emails are not solicitations. Disclosures are unnecessary when dealing with existing clients and in any correspondence required by the ordinary conduct of business.
