Here’s a great tool for people looking to buy or rent a home in Stafford County.  Click here to see how it’s done!

Are you looking to buy or rent a home in Stafford County?  I’m here to help!  Call or email me anytime at 703-403-0536 or patrick@patrickduffyrealtor.com.

Here’s a great tool for people looking to buy or rent a home in Fairfax County.  Click here to see how it’s done!

Are you looking to buy or rent a home in Fairfax County?  I’m here to help!  Call or email me anytime at 703-403-0536 or patrick@patrickduffyrealtor.com.

Here’s a great tool for people looking to buy or rent a home in Prince William County.  Click here to see how it’s done!

Are you looking to buy or rent a home in Prince William County?  I’m here to help!  Call or email me anytime at 703-403-0536 or patrick@patrickduffyrealtor.com.

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When you buy a home in Virginia that is part of a property owner’s association (POA), there are several rules that must be followed during the contract phase.  Home buyers are to be provided a copy of the Property Owners Association Disclosure packet which details the associations financials, bylaws and information specific to the home they are buying.  Here are a few questions and answers that clarify some commonly misunderstood aspects of the rules.

Question: How long does a buyer have to terminate the purchase contract after receiving the POA packet?

Answer: Buyers have three days from delivery of the packet to review it.  The wording in the contract is very important.  If “three days” is specified and delivery is on Tuesday at noon, you have until 11:59 PM on Thursday.  If “72 hours” is specified, you have until noon on Thursday.

Question: I’m a buyer and I want to terminate the contract based on the POA packet, but not because I saw something I didn’t like in the packet – I just got cold feet.  Can I do that?

Answer: Your reason does not matter, you have the right to terminate at any time during the termination period.

Question: I am a seller and I’d like to request that the buyer waive their right to receive the POA packet.  Can I do that?

Answer: No.  The POA Act firmly states that buyers may not waive their rights under the act.

Question: Does the POA Act apply to foreclosures and REO (bank owned) properties?

Answer: In the case of a foreclosure (bought at a foreclosure auction) – the Act does not apply and a packet is not required.  However, if the property is being sold by a bank, the Act does apply and a packet is required.

Exciting stuff, I know!  But, this information could prove very useful in your next real estate transaction.  The POA termination period serves as a built-in contingency for buyers and shouldn’t be overlooked as an important part of the contract phase.

Question: I have received the POA packet and I want out of the contract (within the termination period).  What should I do?

Many agents would have you sign a release from the contract which also requires the seller’s signature.  But, what if they refuse to sign it?  You may still be obligated under the contract.  Instead, send a termination.  This is a unilateral act by one party declaring the end to the contract and it does not require the agreement of the other party.

Question: If the buyer receives an incomplete or insufficient POA packet, does the termination period start?

This is an interesting one.  If what is given (whether complete or not) was called the packet or if it was all that was going to be given, the termination period starts then.  Even, simply telling the buyer that no packet will be delivered starts the clock.  As a buyer, always if what you have been delivered is intended to be the packet.  Remember, if you don’t feel the packet is sufficient, you can always pull the plug within the termination period.

Got a question about real estate – I’m here to help.  Contact me anytime at 703-403-0536 or patrick@patrickduffyrealtor.com.

So, you’re talking to a REALTOR® and they sound like they’ll be great!  But, how can you do a little background checking on them?  I mean, what if this guy/gal has violated Fair Housing laws or has had other complaints filed with the state?!

Check out Virginia’s Department of Professional and Occupational Regulation (DPOR).  The mission of the Department of Professional and Occupational Regulation is to protect the health, safety and welfare of Virginians, while promoting a competent workforce, fair housing opportunities, and a productive economy.

Here, you can look up licenses for (among many other categories) real estate salesman, barbers, cemeteries, contractors and tattooing.  Just follow these steps:

1. Click License Lookup
2. Enter the name of the licensee
3. Click the appropriate type of license (i.e. Real Estate Individuals)
4. Click Search Licensees

You can even see the licensee’s continuing education hours for the current term of their license.  (FYI – every two years a real estate salesperson in Virginia must complete at least 16 hours of continuing education [32 hours in their first two years of licensure])

You can look up mine here!

So, if you’re in the mood for a little detective work next time you’re evaluating a REALTOR®, hop on over to DPOR and check them out.

Harris Interactive conducted a survey which provides some tremendous insight into the feelings of homeowners and renters regarding homeownership.  Below is a chart showing the percentage of homeowners and renters who agree with the following positive attributes of homeownership.

I’ll be back with more in the days to come.  Got a question about owning a home in Virginia?  I’m here to help!  Give me a call or send me an email at 703-403-0536 or patrick@patrickduffyrealtor.com.

Source: Harris Interactive Poll conducted Oct 6-14, 2010

If you or someone you know needs help – I’m here.  Call/email anytime at 703-403-0536 or patrick@patrickduffyrealtor.com.

Question: If there is a mold problem that I have fixed, as a seller, do I need to disclose it?

Answer: The listing agent must disclose problems that exist, and not repair and remediation history, unless that history itself suggest an ongoing problem.  It may not be easy to determine whether a problem has been fixed, but if it has been, disclosure is not necessary.

The tricky thing about mold is that the underlying moisture problem must be fixed, otherwise remediation will not help.  If the underlying problem has been addressed and the mold has been removed, there is nothing to disclose.

WHY HOME OWNERSHIP MATTERS

TO PEOPLE…

• Homeowners are happier and healthier and enjoy a greater feeling of control over their lives.
• Owning a home is one of the best ways to build long-term wealth.  Historically, a homeowner’s net worth has ranged from 31 to 46 times that of a renter.
• Homeowners are free to redecorate, renovate, and modify their homes as they wish.
• Most homeowners enjoy stable housing costs—a fixed-rate mortgage payment might not change for 15 to 30 years while rent typically increases 3 % a year.
• Homeowners can typically deduct mortgage interest and property taxes on their federal individual income tax return.

TO COMMUNITIES…

• People who own homes vote more, volunteer more and contribute more to their neighborhoods.
• ­ Homeowners do not move as frequently as renters, providing more neighborhood stability.   In turn, this stability helps reduce crime and supports neighborhood upkeep.
• Children of homeowners do better in school, stay in school longer, are more likely to participate in organized activities and spend less time in front of the television.

TO AMERICA…

• 67% of American households are owner-occupied. America is a nation of homeowners.
• Homeowners pay 80 to 90% of federal individual income taxes, contributing to federal programs that benefit all Americans.
• Every home purchased pumps $60,000 into the economy for furniture, home improvements and related items.
• Housing accounts for more than 15% of the national Gross Domestic Product, a key driver of our national economy.

Source: National Association of REALTORS

Related articles

• Home Ownership Tax Deductions (turbotax.intuit.com)