Contract Updates to Support Septic Inspection Changes
As of July 1, 2020, Virginia law now requires that any person performing a septic inspection in connection with a real estate transaction must have an appropriate license or accreditation. Based on our conversations with members and the number of questions to the Legal Hotline, we know that many of you are very concerned about the impacts of this law.
To try and mitigate some of those concerns, the Standard Forms subcommittee made several tweaks to the Virginia REALTORS® Purchase Contract. Specifically, it removed the requirement that a Seller provide the Purchaser with a certificate stating that the septic system is in good working order. It also removed references to “home” inspections throughout the contract to make it clear that the inspection contingency is much broader than just a home inspection and allows for a number of other inspections.
For those who want to have a separate septic inspection contingency, distinct from the home inspection contingency, language has been added to the Standard Clause Booklet to facilitate that. These changes will go live on our website and all forms providers who have our forms on September 1, 2020. Stay tuned to our website for any additional changes.
You might also like…
Legal Outlook: During and After COVID-19
By Laura Farley - March 19, 2021
A year into COVID-19, how have things changed in the legal world, and will they change back or stay the same? This is a question that many in… Read More
How REALTORS® Can Steer Clear of Antitrust Violations
By Laura Farley - March 2, 2021
Antitrust laws are made up of a series of federal and state laws aimed at preventing unfair business practices that limit or restrain free trade. It all started… Read More
Will the DOJ Settlement Change the Way REALTORS® Do Business?
By Jon Haley - January 29, 2021
On November 19, 2020, the Department of Justice filed a lawsuit against NAR alleging that some of their rules and regulations create illegal restraints on the way that… Read More