When is a Northern Virginia Real Estate Contract Ratified?
Something as simple as knowing when a contract is ratified should not be in question in the Northern Virginia market. Yet, short sales seem to have caused a new definition of ratified to be floating around. It's pretty clear by reading this post what ratified means and when it happens.
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, SFR, Northern Virginia 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. Or you can visit her website: www.nvarealestate.net.
Header photo is Lake Manassas in Gainesville, VA taken by Chris Ann Cleland.
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