We are excited for a new year of changes! One of the biggest changes that is happening for us right now is to the Northern Virginia Regional Sales Contract. Virginia is a caveat emptor state which means "let the Buyer Beware". This year the contract has changed to embrace that idea a bit more fully. Our team has been in several training sessions to learn the ins and outs of the new contract. And while first time buyers may not notice these changes, Sellers who have done this once (or multiple times) before may be really excited about these changes. Just a few of these changes are noted below.
- Conventional, FHA and VA financing all have their own addendum, separate from the contract pages but intended to be included with the contract
- The requirement for Plumbing, Heating, HVAC, and Electrical (major systems) is completely different. These items will now be negotiable after the home inspection, which may lead to buyers and sellers playing the game of "how badly do you want to buy/sell this house?".
- Well & Septic testing has changed, which may help out our clients & friends in western Loudoun County may find that interesting.
That's just a brief summary of a few points that we've discussed. We are here to help you navigate the new contract whatever your questions or needs. We would love to hear from you!
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