New Maryland, DC and Northern Virginia Contracts

[Russell Brazil]

Just an FYI for those investing in the DMV (DC, Maryland and Virginia for those not in our area) that there is a new contract that will start being used on October 1, in theory.  The new contract is still being revised daily, so I am hoping they delay the use of the new contract.  Virginia will not longer be covered using the Regional Contract with a Virginia addendum. Instead they will have their own contract.  DC and Maryland (The parts of MD that were using the Regional, not the MAR contract) will have the same contract with the new jurisdictional addendums.   For those in the area you should review the new contracts as there are some very key changes.  This mostly affects agents, but if you are an investor/agent doing your own contracts....familiarize yourself with the changes. Even if you are an investor who uses an agent, if you are doing enough deals you should be familiar with the contracts.

As you know we live in a very litigious part of the country, and not being aware of the contract changes is going to catch some people off guard and probably get some people into some trouble.

[Michelle Mapp]

@Russell Brazil  Thanks!  This is very helpful and will definitely help inform my conversations with our agent  (also with Long and Foster).    If I find out any specifics I will try to post them.  

Michelle