“Do agent signatures on a contract affect ratification?”
May 22, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section.
Q: On VAR Form 600, Residential Contract of Purchase, there is a section for the Listing Firm and Selling Firm’s information and signatures on the last page of the form.
When we submitted an offer, my buyer signed, and I, the Selling Agent, signed on the last page before delivering the offer to the Listing Agent. The seller accepted and signed on the same date. However, the Listing Agent did not sign on the last page until two days later.
Does this impact the date the contract was ratified? Does this affect how we are supposed to count days for contingencies?
A: In this scenario, contract ratification occurred when the seller accepted the buyer’s offer by signing and delivering the signed acceptance to the buyer’s agent. If a contingency period begins at ratification, then you would start counting from the day you received the seller’s signed acceptance.
The final page of the form is for informational purposes only and does not affect contract ratification. Best practice would be for the Listing Firm to sign and indicate the “Date of Ratification” as provided on the form when delivering the accepted offer to the Selling Firm. The “Date of Ratification” is the date the accepted offer is delivered to the buyer or buyer’s agent.
Have a question about this article? Submit it to the Legal Hotline!
The Legal Hotline is a member benefit that has been supporting members for over 25 years. Our team of lawyers answers your important questions about real estate transactions quickly and accurately (usually within three business hours!).
Here are some tips to help make the Legal Hotline work for you!
You might also like…
Don’t Assume Your E&O Insurance Covers Cyber Incidents
By Laura M. Murray - October 31, 2024
Agents often purchase their E&O insurance and then presume they are fully covered for everything related to their business. However, this may not always be the case. As… Read More
“Can an out-of-state commercial agent participate in a Virginia commercial transaction?”
By Jon Haley - October 29, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section. Q:… Read More
“Am I still entitled to my brokerage fee if the transaction closes after the listing period?”
By Sean Olk - October 24, 2024
*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section. Q:… Read More