Cate and Jon discuss the world of full prices offers, or even those that go above list price.

Can a text message be a legal contract? Jessica and Jon use a Massachusetts case study to answer that question.

This week, the Virginia REALTORS® legal team discusses how to use a notice of termination and a release, and how using one without the other can get you into hot water. Cate and Jon talk about the differences between the two documents and the situations in which you would want to use one or both. They also answer some legal hotline questions, including discussing how a new law can allow you to release the EMD without a signed release.

This week, the Virginia REALTORS® legal team takes everyone to school with Contracts 101. Jon and Laura discuss the basics of contract law, including how to accept an offer, the difference between unilateral and bilateral contracts, and whether an EMD is necessary to make a valid contract. They also answer some legal hotline questions, including whether you can write a contract with a settlement date two years in the future.

This week, the Virginia REALTORS® legal team discusses some areas of the purchase contract about which we often receive questions. Jon and Cate talk about what constitutes a “business day” and the difference between “on or about” and “time is of the essence” contracts. Finally, they discuss when a buyer actually receives possession of the property.

This week, the Virginia REALTORS® legal team discusses incapacitated clients and how that incapacity affects real estate deals. Erin and Cate discuss how age, mental capacity, and intoxication affect the ability of clients to enter into binding agreements in Virginia. They also answer some legal hotline questions, including one where a client is diagnosed with Alzheimer’s Disease prior to ratification of the sales contract.

On this episode of Caveat REALTOR®, Virginia REALTORS®’s legal team discusses cryptocurrencies and how they work in real estate transactions. Cryptocurrencies, such as Bitcoin, have been leading news stories, especially as the valuation of these currencies have been rising and have become more widely accepted by businesses. Laura and Austin answer some legal hotline questions, such as “A client wants to pay my commission using a cryptocurrency, do I need to accept?” Finally, they review how brokers and agents can best serve their clients and limit their risk when working on transactions involving cryptocurrencies.