Tag Archives: Real estate contract

Contract Changes Coming January 1

The standard sales contract used by Realtors in Northern Virginia, DC and the Maryland suburbs will be changing as of January 1. Our contracts and forms have always changed over time and most changes are of minor consequence. However, this revision includes a change that drastically alters the way a home is conveyed.

I have always felt that our contract was fairly balanced between buyers and sellers. There were terms in the in the contract that buyers didn’t like and others that bothered sellers but when each side has a little pain, it is probably fair. This latest major revision includes a significant seller friendly modification.

In the new contract, there are lots of the usual minor semantic changes like substituting “legal expenses” for “attorney fees” and adding that all definitions of time are based on east coast time. But the big one