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When is a Northern Virginia Real Estate Contract Ratified?

When is a Northern Virginia Real Estate Contract Ratified?

Date of real estate contract ratification of the Northern Virginia Regional Sales Contract is defined as:

The date of final acceptance, in writing, of all the terms of the Contract.

This means all buyer and sellers need to have signed and intialed all contract terms, and any changes or counter offers.

In the case of short sales, this definition is no different. It means the date that the BUYERS and SELLERS agree to the terms of the contract with their signatures and initials. The bank from which the sellers are gaining third party approval do not sign the contract and have nothing to do with the ratification of the contract.

Chris Ann Cleland, Realtor- Licensed in Virginia, GRI & Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155. To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com.

Posted by Chris Ann Cleland, GRI on 10/15/2009 11:35 AM

Comments (6)

When Is a Northern Virginia Real Estate Contract Ratified? in the Home Buying Channel

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Originally posted at: Speaking of Homes...: When is a Northern Virginia Real Estate Contract Ratified?

This post has been included in Virginia Information Prince William County, VA Information

6 Comments on When is a Northern Virginia Real Estate Contract Ratified?

OCT

This elementary knowledge escapes some agents Chris Ann, but there you have the answer, bold and plain as day. Thanks for letting everyone be reminded of the ratification rules.

Gary: Did this post to link to another where I mention date of ratification. Sometimes these definition posts are just what you need in case someone out there is scratching their head reading a phrase that I take for granted.

It is the littl details like this that some agents never remember....then get asked latter when they least expect it.

OCT

Trey: In this instance, it looks like they took "delivery" out of the defintion. I am assuming that is because our market had a HUGE problem with short sale listing agents holding seller signed contracts and not delivering them to the buyers agent, TECHNICALLY not making it ratiified. That left them open to receive and sign offer after offer.

Hi Chris Ann: In California, the date of ratification is when the executed offer is delivered to the party named in the contract. In my contracts, that person is me. Some agents leave that spot blank, so deliverance must go to the buyer, which can delay ratification.

Elizabeth: I am 100% certain that our ratification used to reference delivery, but not anymore. Too many problems with agents withholding that delivery.

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