Throughout our tenure in business we have received many questions time and time again. Since these questions are so common and important, we provide you with a list of our Frequently Asked Questions. We hope this helps clear up any questions you have, but if not please feel free to contact us for further information!

• What is the difference between assessed value and the appraisal value of property?
  The assessed value is the dollar amount cities and counties assign to property for property tax purposes. The appraisal value is the value set by a real estate appraiser to determine fair market value. The appraised value of property is generally higher than the assessed value.
• Is an Earnest Money Deposit requred for an offer to purchase real estate?
  No, unless the seller requires an earnest money deposit.
• Does a closing agent have to be a lawyer?
  No, but closing agents and lawyers must be approved by the Real Estate Board.
• When do termite inspections have to be done and who pays for them?
  Termite inspections must be completed withing thirty days of closing and the seller must pay for the inspection and up to $1000 if treatment for termite damage is required.
• Are verbal real estate contracts enforeceable?
  No, real estate contracts in Virginia must be in writing to be enforceable.
• Why do a title search?
  A title search certifies that all rightful owners of record have signed the deed and that all recorded liens and judgments have been recorded and/or satisfied.
• Who is responsible for loss or damge to property from date of contract to date of closing?
  The seller is responsible for loss and damages that occurs on the property until closing.
• Who pays the real estate agents commission fee?
  The commission fee is paid by the seller, buyer or both as determined by contact agreement with the real estate agent.
• Can you refuse to sell your house to a college student?
  Yes, college students are not a protected class under the Fair Housing Act.
• Can a real estate agent refuse to show someone a house in a certain neighborhood because of the racial mix in that neighborhood?
  No, this violates the Fair Housing Act and is known as steering.