Welcome Virginia REALTORS®
2020-04 - VAR Legal Team
Beware of these most common Real Estate Board violations by licensees. You’ll notice one common theme: escrow funds. Violations involving escrow funds continue to be some of the most frequently violated regulations for real estate licensees. Brokers, make sure you have policies in your office policy manual and provide education to prevent you and your licensees from engaging in any of these common offenses.
2020-03 - VAR Legal Team
This case highlights not only the importance of adhering to the Board’s regulations through actions such as depositing the earnest money deposit in a timely manner and notifying all parties of material changes to the transaction, but also the importance informing the Board of escrow violations.
2020-02 - VAR Legal Team
This case again looks at an escrow violation, where the agent provided the check to the brokerage but not the ratified contract, and due to firm policies, the check was not deposited in a timely manner. Further, the agent failed to inform the parties that the earnest money deposit was not deposited.
2019-09 - VAR Legal Team
This case highlights not only the importance of adhering to the Board’s regulations through actions such as depositing the earnest money deposit in a timely manner and notifying all parties of material changes to the transaction, but also the importance of paying attention to detail and keeping up to date on your broker’s policies and the status of the transaction.
2019-09 - VAR Legal Team
This case highlights the importance of accurately representing the status of the Earnest Money Deposit when holding escrow for a transaction. In addition, it shows the importance of honesty throughout a Board investigation.
2019-09 - VAR Legal Team
Escrow violations are some of the most common violations that come before the Virginia Real Estate Board. This case demonstrates the importance of adhering to the terms of the real estate contract and making timely deposits of the Earnest Money Deposit as required by the contract.
Jessica and Cate discuss escrow basics and some recent hotline questions.
This week, the Virginia REALTORS® legal team discusses earnest money deposits. Laura and Jon talk about the risks involved for real estate licenses with regard to confirming that EMDs have been paid into escrow, particularly when it comes to the potential for identity theft. They also answer some questions from the legal hotline regarding how to handle EMDs both from the listing and buying sides of a transaction.
Join us for the conclusion of our three-part series on escrow. This week, the Virginia REALTORS®’s legal team considers escrow from the perspective of property management. They discuss some common legal hotline questions, such as “My tenant did not provide a forwarding address and has not claimed his security deposit. Can I move the funds out of my escrow account into my operating account?” Finally, they conclude by addressing some simple ways to limit your risk when dealing with escrow in the property management world.
Our three-part series on escrow continues with part two, where the Virginia REALTORS® legal team discusses how to disburse funds from escrow accounts. Cate and Erin review different methods of disbursing funds, including the ever-elusive interpleader. Finally, they discuss some common legal hotline questions, such as “How long is a broker allowed to hold an EMD if neither party agrees to its disbursement?”