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Commwealth of Virginia adds to real estate licensing requirements for LLC’s
Nesbitt Realty is licensed in Virginia. Robert D. Hull is the sponsor of House Bill 1114 Real Estate Board which changes how real estate firms are licensed. The law now provides that no business entity shall be granted a firm license unless every managing member of a limited liability company or officer of a corporation who actively participates in the firm brokerage business holds a license as a real estate broker.
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.