Content Highlights
- Residential Real Estate Settlements
- Residential Leases
- Real Property Foreclosures
This book is drawn from the 2022 edition of The Virginia Lawyer: A Deskbook for Practitioners.
When real estate matters are a complement to your regular practice, A Guide to Real Estate Law in Virginia covers the most common issues that clients encounter when buying, selling, or renting real property. The book includes updated disclosures required for residential sales and coverage of landlord-tenant and foreclosure issues in Virginia. Experts in the field provide a comprehensive overview of Virginia law, including practice pointers and a variety of electronic forms for simple transactions. The book is current through the 2021 legislative session.
CHAPTER 1: RESIDENTIAL REAL ESTATE SETTLEMENTS
1.1 LEGISLATION AFFECTING REAL ESTATE SETTLEMENTS
1.101 Real Estate Settlement Agents
1.102 Truth in Lending Act
1.103 Federal Flood Insurance
1.104 Real Estate Settlement Procedures Act
1.105 Dodd-Frank Wall Street Reform and Consumer
Protection Act
1.106 Procedures Unchanged by New Regulations
1.107 Virginia Real Estate Settlements
1.108 Virginia Residential Property Disclosure Act
1.109 Virginia Property Owners’ Association Act
1.2 REPRESENTING THE PURCHASER
1.201 Contract Review
1.202 Loan Commitment Review
1.203 Coordination of Closing Requirements
1.204 Scheduling
1.205 Documents and Data
1.206 Title Examination and Title Insurance
1.207 Document Preparation
1.3 THE CLOSING
1.301 In General
1.302 Final Coordination and Review
1.303 Conduct of the Closing
1.304 Recording and Disbursement
1.4 POST-CLOSING
1.5 REPRESENTING THE SELLER
1.501 Contract Review
1.502 Document Preparation
1.503 Inspections
1.504 Lien Payoffs
1.505 Clearing Title
1.506 Settlement Statements
1.507 Escrow Letters
1.508 Seller’s Certifications
1.509 Coordination of Closing
1.510 Disbursement of Proceeds
1.511 Returning Original Documents and Closing File
APPENDIX 1-1: DEPARTMENT OF PROFESSIONAL AND
OCCUPATIONAL REGULATION RESIDENTAL PROPERTY
DISCLOSURE STATEMENT
APPENDIX 1-2: PURCHASER’S REPRESENTATION
INFORMATION AND CHECKLIST
APPENDIX 1-3: VIRGINIA REALTORS® RESIDENTIAL
CONTRACT OF PURCHASE
APPENDIX 1-4: AFFIDAVIT THAT TRANSFEROR IS NOT
FOREIGN NONINDIVIDUAL FOR PURPOSE OF
WITHHOLDING OF TAX
APPENDIX 1-5: AFFIDAVIT THAT TRANSFEROR IS NOT
FOREIGN INDIVIDUAL FOR PURPOSE OF WITHHOLDING
OF TAX
APPENDIX 1-6: CERTIFICATE OF RESIDENCY
APPENDIX 1-7: SELLER’S REPRESENTATION INFORMATION
AND CHECKLIST
APPENDIX 1-8: SAMPLE OWNERS’ AFFIDAVIT AS TO
MECHANICS’ LIENS AND POSSESSION
APPENDIX 1-9: GENERAL WARRANTY DEED: VBA FORM
CHAPTER 2: RESIDENTIAL LEASES
2.1 COMMON LAW PRINCIPLES
2.2 EXCEPTIONS TO COMMON LAW PRINCIPLES
2.201 In General
2.202 Judicial Exceptions
2.203 Legislative Exceptions
2.3 THE VIRGINIA RESIDENTIAL LANDLORD AND TENANT
ACT OR THE VIRGINIA RENTAL HOUSING ACT
2.301 Introduction
2.302 Applicability of the VRTLA and the Virginia Landlord
Tenant Act (VLTA) Compared
2.303 General Provisions of the VRLTA
2.4 RENTAL AGREEMENTS
2.401 Terms and Conditions
2.402 Prohibited Provisions
2.403 Request for a Receipt or Written Statement
2.404 Effect of Unsigned or Undelivered Rental Agreement
2.405 Notice
2.406 Attorney Fees
2.407 Application Fees
2.408 Confidentiality of Tenant Records
2.409 Landlord-Provided Insurance
2.410 Processing Fee for Bad Checks
2.5 LANDLORD OBLIGATIONS UNDER THE VRLTA
2.501 Security Deposits
2.502 Inspection of Premises
2.503 Disclosures
2.504 Warranty of Habitability and Warranty of Fitness for
Intended Purpose
2.505 Locks and Peepholes
2.506 Cable, Satellite, and Television Facilities
2.507 Limitation of Liability
2.508 Disclosure of Mold
2.509 Disclosure for Properties Located Adjacent to a
Military Air Station
2.510 Disclosures Concerning Insecticide or Pesticide
Application
2.511 Carbon Monoxide Alarms
2.6 TENANT OBLIGATIONS
2.601 Duty to Maintain Premises
2.602 Landlord’s Rules and Regulations
2.603 Access
2.604 Surrendering Possession of Premises
2.7 TENANT REMEDIES
2.701 When VRLTA Is Inapplicable
2.702 Remedies Under the VRLTA
2.8 LANDLORD REMEDIES
2.801 Remedies Before the VRLTA
2.802 Remedies Under the VRLTA
2.9 RETALIATORY ACTION
2.901 Common Law Action
2.902 Retaliation Under the VRLTA
2.10 MANUFACTURED HOME LOT RENTAL ACT
2.1001 General Provisions
2.1002 Landlord’s Obligations
2.1003 Tenant’s Obligations
2.1004 Rent; Liability of Secured Party Taking Possession of
an Abandoned Manufactured Home
2.1005 Restrictions on Landlord’s Activities
2.1006 Termination of Tenancy
2.1007 Sale or Lease of Manufactured Home by Owner
2.1008 Retaliatory Conduct
2.1009 Eviction of Tenant
2.1010 Damages and Injunctive Relief
2.11 RESIDENTIAL LEAD-BASED PAINT REGULATIONS
APPENDIX 2-1: RESIDENTIAL LEASE AGREEMENT—VIRGINIA
REALTORS® FORM
CHAPTER 3: REAL PROPERTY FORECLOSURES
3.1 DEED OF TRUST
3.101 Lien on the Collateral Securing a Loan
3.102 Default
3.103 Reinstatement
3.104 Legal Versus Equitable Title
3.105 Defects in the Deed of Trust
3.106 Reformation Actions
3.2 TRUSTEE
3.201 Impartiality
3.202 Powers and Duties
3.3 HOW THE LIEN IS ESTABLISHED
3.4 PRIORITIES
3.401 Purchase Money Deed of Trust
3.402 Other Deeds of Trust
3.5 MORTGAGES
3.6 JUDICIAL FORECLOSURE
3.7 MISCELLANEOUS TERMS
3.701 Individual and Bulk Offerings
3.702 Environmental Disclaimer
3.703 Management and Franchise Contracts
3.704 License Agreements
3.705 Next Highest Bidder
3.8 RIGHT OF REDEMPTION
3.9 THE DECISION TO FORECLOSE
3.901 Requirement of Default
3.902 Reinstatement Rights
3.903 Prepayment Penalties upon Default
3.904 Notice and Cure Periods
3.905 Acceleration
3.906 Servicemembers Civil Relief Act
3.907 Purchase by Lender
3.908 Purchase by Third Party
3.909 Advertising the Sale
3.910 Power of Sale
3.911 Identity of the Trustee
3.912 Priority of Lien
3.913 Tenants
3.914 Environmental Considerations
3.915 Proffers
3.916 Real Estate Taxes and Rollback Taxes
3.917 Condominiums
3.918 Personal Property
3.919 Clouds on Title
3.10 GATHERING DOCUMENTATION
3.1001 Original Note and Recorded Deed of Trust
3.1002 Assignment
3.1003 Statement of Account
3.1004 Title Insurance Policy
3.1005 Partial Releases
3.1006 Request to Foreclose; Engagement Letter
3.1007 Owner’s Address
3.1008 Leases
3.11 NOTICE OF SALE
3.1101 Contents
3.1102 To Whom Given
3.1103 By Whom Given
3.1104 Method of Delivery and Timing
3.1105 Fair Debt Collection Practices Act
3.12 SUBSTITUTE TRUSTEE
3.1201 Eligibility
3.1202 Trustees Affiliated with the Lender
3.1203 Authority to Appoint
3.1204 Timing of Appointment
3.1205 Requirement for Written Appointment
3.1206 Requirement of Written Request to Foreclose
3.1207 Trustee as Purchaser
3.13 REVIEW OF LIENS AND OTHER MATTERS
3.1301 Title Examination
3.1302 Alternatives to Petitioning the Court
3.14 FILED MECHANICS’ LIENS
3.15 UNFILED MECHANICS’ LIENS
3.16 TITLE COMPANY’S LIABILITY FOR TITLE REPORTS
3.17 FEDERAL TAX LIEN
3.1701 Statute and Regulations
3.1702 Right of Redemption
3.1703 Place and Date of Filing
3.1704 Effect of United States v. Craft
3.18 ADVERTISEMENT OF SALE
3.1801 Minimum Statutory Requirements
3.1802 Additional Advertising
3.1803 Personal Property
3.1804 Time-Share Property
3.1805 Miscellaneous Provisions
3.19 CONDUCT OF SALE
3.1901 Use of Auctioneers
3.1902 Qualifying Bidders
3.1903 Announcements
3.1904 One-Price Bids
3.1905 Contract of Sale
3.1906 Adequacy of Price
3.1907 Recess and Postponement
3.20 SETTLEMENT
3.2001 In General
3.2002 Postsale Issues
3.2003 The Trustee’s Deed
3.21 ACCOUNT AND ACCOUNTING
3.2101 Statutory Requirement
3.2102 Effect of Failure to File Accounting
3.2103 Documentation
3.2104 Commissioners’ Fees
3.2105 Trustee’s Compensation and Expenses
3.2106 Real Estate Taxes
3.2107 Exceptions to Accounts
3.2108 Surcharge and Falsification
3.2109 Collateral Attacks
3.2110 Filing Deadline
3.22 DEED IN LIEU OF FORECLOSURE
3.2201 In General
3.2202 Advantages
3.2203 Disadvantages
3.23 PREVENTING MORTGAGE FRAUD
3.2301 In General
3.2302 Predatory Practices by Mortgage Lenders or Brokers
3.2303 Foreclosure Rescue Companies
3.24 FEDERAL FORECLOSURE CHANGES
3.2401 New Mortgage Rules
3.2402 Mortgage Loans Subject to the Rules
3.2403 Exemptions from Requirements
3.2404 Early Intervention Requirements
3.2405 Loss Mitigation Procedures
3.2406 Prohibition on Foreclosure
3.2407 Effect of Partial Reinstatement
3.2408 Amendments to the 2014 Mortgage Rules
APPENDIX 3-1: FORECLOSURE CHECKLIST
APPENDIX 3-2: SUBJECT-TO PROVISION (CONDOMINIUM)
APPENDIX 3-3: AS-IS DISCLAIMER
APPENDIX 3-4: FORFEITURE AND NEXT HIGHEST BIDDER
PROVISION
APPENDIX 3-5: ACCELERATION LETTER WITH 30-DAY FDCPA
(FIRST COMMUNICATION) LANGUAGE
APPENDIX 3-6: AFFIDAVIT OF NONMILITARY STATUS
APPENDIX 3-7: LOST NOTE AFFIDAVIT
APPENDIX 3-8: LOST NOTE LETTER
APPENDIX 3-9: ENGAGEMENT LETTER
APPENDIX 3-10: NOTICE OF SALE LETTER
APPENDIX 3-11: NOTICE TO CONDOMINIUM OWNERS’
ASSOCIATION
APPENDIX 3-12: TRUSTEES’ APPOINTMENT DEED
APPENDIX 3-13: PETITION FOR AID AND DIRECTION
APPENDIX 3-14: REQUEST FOR TITLE REPORT (AND
COMMITMENT)
APPENDIX 3-15: NOTICE TO INTERNAL REVENUE SERVICE
APPENDIX 3-16: INTERNAL REVENUE SERVICE RIGHT OF
REDEMPTION
APPENDIX 3-17: NOTICE OF TRUSTEES’ SALE—RESIDENTIAL
APPENDIX 3-18: CLOSING PROVISIONS
APPENDIX 3-19: MEMORANDUM OF SALE
APPENDIX 3-20: TRUSTEE’S DEED
APPENDIX 3-21: LETTER TO COMMISSIONER OF ACCOUNTS
TABLE OF AUTHORITIES
INDEX
