“Can my client request a new Resale Certificate?”
April 5, 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: I am the selling agent, and my client wants to purchase a house in a Common Interest Community. The seller handed my client a Resale Certificate that is 6 months old. Can my client request a new one?
A: If a Resale Certificate is issued more than 30 days but less than 12 months before settlement, the purchaser or even the seller can request an updated Resale Certificate. The purchaser would have to provide proof that they are the purchaser on contract and make the request; It will be delivered within 10 days of the written request to the person requesting it, or whomever it was directed to.
The update will contain just the changes from the original Resale Certificate to make it current. It could also just contain a statement that says there are no changes.
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…
“Can cooperative compensation be a condition of the buyer-broker agreement?”
By Ryan Leonard - July 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
Your Guide to Tenant Confidentiality According to the VRLTA
By Jon Haley - July 17, 2024
Keeping information received from tenants and prospective tenants confidential is one of your most important responsibilities as a property manager. Luckily, the VRLTA provides a pretty thorough list… Read More
“A home I’m listing borders land where a mixed-use development is planned. As a dual agent, must I disclose this?”
By Sean Olk - July 15, 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.… Read More