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, Associate Broker- 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 is a combination of photos from the Bristow, Gainesville & Haymarket areas, taken by Chris Ann Cleland.
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.
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.
This is about as clear as clear can be. A very basic post that every Northern VA buyer and seller should read.
Anne: You know my feeling on this. It's so clear it's insane that people don't get it. Banks don't sign contracts.