The NVAR Board of Directors today approved a revised version of the Virginia Jurisdictional Addendum to the Regional Sales Contract that makes significant changes to the Delivery paragraph (as noted in the post below) the Appraisal Contingency, and the rights of Purchasers of Condominiums or properties located within home owner's associations.
The Appraisal Contingency was revised to provide an option for purchaser's to void the contract if the Appraiser values the property at or above the Sales Price listed in the contract, but the mortgage lender determines the property is "inadequate collateral" based on information contained in the appraiser's report. This change was recommended by the NVAR Finance Committee. Leave a comment if you'd like to see the actual wording of the new option posted in this blog.
The document was also changed to reflect new legislation set to take effect July 1, 2007 making it easier for Purchaser to deliver notice that they wish to cancel their purchase after reviewing their Condominium or Home Owner's Association materials. Those notices can now be delivered by fax, e-mail or overnight delivery service as well as by hand or U.S. Mail return receipt requested.
I'll link to the complete form as soon as it's posted somewhere. In the meantime, if you would like to see more particulars on any of the changes I've mentioned, leave me a comment or send an e-mail to
marcus@simon.net---------------------------------------------------
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