When purchasing property in Virginia, buyers may encounter land enrolled in special tax programs designed to encourage agricultural, forestry, or open space preservation. While these programs can provide significant property tax savings, they can also introduce important considerations during the settlement process. Understanding how these programs work—and the responsibilities that may transfer with the property—is… Read more »
In real estate transactions, timing and logistics don’t always align perfectly. When a buyer or seller is unable to attend closing in person, a Power of Attorney (POA) can provide a practical solution—but it’s important to understand when it’s appropriate and how it works. What Is a Power of Attorney? A Power of Attorney allows… Read more »
Shared driveways are common in Virginia, particularly in established neighborhoods, and while they can offer convenience, they also come with important legal and practical considerations. Understanding how these arrangements work is essential for both real estate professionals and their clients to ensure a smooth transaction. The Importance of Recorded Agreements In most cases, shared driveways… Read more »
Understanding the Role of Property Surveys Surveys play a crucial role in ensuring a smooth property transaction by identifying property lines, encroachments, and potential legal issues. Understanding the two primary types of surveys—house location and boundary—can help clients make informed decisions and avoid costly complications. The Two Types of Surveys: House Location and Boundary House… Read more »
It’s so important to understand your ownership interest when you inherit a property. Here’s a story of why and what can happen if you inherit a property and choose not to hire an estate professional to help you with the paperwork. What follows is a tale of why this is so important. Jennifer signed a… Read more »
Even though many settlement agents are attorneys, the settlement agent is neutral in the transaction. In Virginia, the settlement agent typically doesn’t represent Buyer or Seller – they carry out the terms of the transaction. Therefore, the settlement agent can discuss what the contract means, but the settlement agent should not be making a legal… Read more »
A quitclaim deed releases a person’s interest in a property without confirming the person’s interest or rights. It gives no warranties of that person’s interest or rights in the property. In other words, when a person signs a quitclaim deed they are basically saying ‘if I have any rights or interest with respect to this… Read more »
Builders, foreclosure companies, and some individuals, give a special warranty deed. Many resale Contracts, including the NVAR Contract, calls for a General Warranty Deed. So, what’s the difference? You can think of it this way: With a general warranty deed the Seller is confirming to the Buyer that they have the right to sell the… Read more »
All money changing hands between the Parties must be reflected on the settlement statement and approved by the Buyer’s lender. Before negotiating any credits or escrows, always be sure to check with the lender and the settlement company to make sure that credit/escrow complies with all lender and title company requirements. The lender must approve… Read more »