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Ask Mark- Real Estate Questions and Answers:
 

Week of 01 Oct 07

How is the real estate market in the area?

Answer:  It is good, yes I said good!  Communities that were running 10-30 listings with no sales last year are now running 1-5 listings with 2-3 sales a month.  Condos are on the come back and there still is a lot of good mortgage products at an extremely good rate.

Our area has a very stable employment base and people are buying.  It is not the 7 offers in 2 hours like 2004 and 2005 but if you are priced right and show well, you should have an offer in 30-60 days.

 

Week of 12 Mar 07

When is a sales contract considered ratified, binding and enforceable.

Answer:  Under the sales contract NVAR form #1321,  binding and enforceable is deemed when the contract is ratified AND Delivered, per the plain language of the contract, unless otherwise modified.  What constitutes Delivery is defined in the Virginia Jurisdictional Addendum NVAR form # 1310.  The contract MUST be Delivered in order to be binding and enforceable,  per the plain language of the agreement.  MAKE SURE the ratified agreement is delivered in accordance to the agreement and get confirmation of that from your Agent no matter if you are Buyer or Seller! (answer provided by MBH Settlement Group Dec 2006 and reviewed by Leffler and Hyland PC.)  www.lefflerhyland.com

DISCLOSURE:  The content herein is NOT to be construed as a legal opinion but rather advice that is usual and customary for the Real Estate Industry.  For any Legal positions, you MUST contact an Attorney!!  http://www.fairfaxbar.org     www.lefflerhyland.com

Week of 08 May 06

Does real estate transaction law require that you disclose what you know about significant structural defects

Answer:  YES!!  Under the laws of the Commonwealth of Virginia, the Seller must disclose known material defects.  A Real Estate Agent must also disclose known material defects. So if there is or was a known structural defect, it should have been disclosed.

Week of 14 Mar 06

What is HVAC?

Answer:  HVAC is an acronym meaning Heating, Ventilation, Air Conditioning.

Week of 08 Mar 06

What is a Special Warranty Deed?

Answer:  It is a Deed to convey property by other than the individual owner.  It is most often seen with trustees, executors' of an estate, or a company.

Click Here to Ask Mark

 

Week of 27 Feb 06

Does a Realtor have to disclose Aluminum wiring in a home?

Answer:  NO!!  Under the laws of the Commonwealth of Virginia, the Seller must disclose known material defects.  A Real Estate Agent must also disclose known material defects.

  First:   And most important, Aluminum wiring has never been deemed to be defective.  It is more maintenance intensive and requires special cords for high amperage equipment (such as ranges and hot water heaters) but it is not known to be a hazard under normal maintenance conditions.

  Second:   Did the Agent have knowledge?  Not many people are aware of the type of wiring their home has and Agents do not inspect nor should they in these areas.   However, it should have been discovered and maintenance requirements reviewed with you doing the home inspection.  This is why the Realtor Association is pushing to have home inspectors licensed within the Commonwealth of Virginia.





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