Ideally, a buyer enters the housing market with a pre-approved loan and searches for a home based on that loan amount with specific mortgage rates. However, with rising interest rates, a buyer may be looking for ways to obtain a lower interest rate. One of those ways is by assuming the seller’s … [Read more...] about Loan Assumptions
Homeowners Associations and Condominium Owners Associations: A Brief Guide
Homeowner Associations (HOAs) and Condominium Owner Associations (COAs) play an important role in real estate transactions. In the Commonwealth of Virginia, the seller must provide the buyer with an HOA and/or COA resale packet. Therefore, buyers and sellers must know their responsibilities and … [Read more...] about Homeowners Associations and Condominium Owners Associations: A Brief Guide
What You Need to Know about the Recent Ruling on Split Settlements
On February 4, 2022, the Virginia Bureau of Insurance issued an administrative letter citing that the Real Estate Settlements Act, § 55.1-900 et seq. of the Code of Virginia ("Code"), and Real Estate Settlement Agents Act, § 55.1-1000 et seq. of the Code contemplate only one designated settlement … [Read more...] about What You Need to Know about the Recent Ruling on Split Settlements
What to Expect when Buying a Condo
How is purchasing a condominium different from purchasing a townhome or a single family home? When you purchase a townhome or single family home you are buying the land along with the improvements on the land. When you buy a condo, you are just buying the four walls and everything inside of the … [Read more...] about What to Expect when Buying a Condo