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What is the Virginia Condominium Act?
If you own a condo in Virginia, or if you're thinking of buying a condominium in the Commonwealth of Virginia, it might be a good idea to glance at the Virginia Condominium Act. This act describes the terms of ownership and limitations and requirements of condo associations. It also describes the unique attributes of condominium… -
Condos need maintenance …
Everything built by man requires some maintenance at some point. Even so-called maintenance-free homes require some attention. So when making the transition from renting to buying, one aspect of home ownership that must be considered carefully is maintenance. Renters enjoy few advantages over buyers, but one benefit of renting is that in most cases renters… -
Real Estate Contracts With Contingencies
Real estate contracts sometimes come with contingencies. This is a part of the contract that states certain conditions or timelines are met or the seller or buyer can void the contract. The conditions or timelines can be any that both parties agree on and are put within the contract. Contingencies usually last for a specified period.…
Do you know the difference between equitable title and legal title?
Equitable title is conveyed to the buyer when the seller signs the offer to purchase. A ratified sales contract creates equitable title. After closing and accepting the deed, the buyer receives legal title.
Equitable title does not carry all the rights, privileges and duties of legal title, but equitable title is not without implication. If a buyer has equitable title in a property, the seller cannot contract to sell the property to another buyer. The equitable title protects the buyer's interests in this regard, but does not obligate the buyer to pay taxes or maintenance on the property.