Sell Closure Property For Addition In Virginia
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A double closing in Virginia involves the wholesaler simultaneously buying and selling a property, completing two separate transactions back-to-back. This process avoids assigning the contract and can be necessary when dealing with certain types of properties or financing situations.
In DC and Virginia, it is legal for one agent to act as a Dual Agent and represent both parties. In DC & Virginia, if two agents have the same Managing Broker, the agents are considered Designated Agents. In all cases, both parties must consent, in writing, to agree to dual agency.
Key Takeaways. Virginia law requires a broker's license for wholesalers assigning more than one contract annually for compensation; maintaining legal and ethical standards in transactions is crucial for success.
Double closing is a legal strategy in Virginia as long as it is structured correctly and you are not “acting as a real estate broker." No Licensing Requirement for Double Closing: Because double closing involves taking ownership of the property, the wholesaler is technically acting as a buyer and seller rather than ...
Virginia's Residential Property Disclosure Act (the “Act) (Virginia Code §55-517 et seq.) requires real estate licensees to inform the parties to a transaction with whom they deal of their rights and obligations under the Act.
Yes, all transfers of real property require disclosure.
Some of the exemptions include transfers pursuant to certain court orders; transfers by foreclosure or in bankruptcy; transfers between co-owners or spouses; transfers between parents and grandparents and their children or grandchildren; tax sales; and transfers by governmental or housing authorities.
Unlike some other states, Virginia does not have any overarching statutes that explicitly address the requirements or limitations of non-disclosure agreements.
DO I NEED A RESALE CERTIFICATE IN VIRGINIA? If your business is a retail or wholesale operation that does not want to be responsible for collecting sales tax on resold items and does not want to have any exposure to any future tax liability, then a Virginia resale certificate will be required.
The Virginia Residential Property Disclosure Act (found in the Code of Virginia § § 55-1-700 and following) governs the information that most home sellers must disclose to prospective buyers on a signed "Residential Property Disclosure Statement." (This form can be found at the Virginia government's website for the ...
