Everytime a Northern Virginia buyer sees these remarks in the MLS:
“Must use seller selected settlement company”
“Seller to determine settlement company”
“Short sale being professionally negotiated by XYX settlement company and buyer must use for settlement”
They ask why can't I use my own settlement company?
The answer is you can!
Now an update to our Virginia Jurisdictional Addendum spells out a Virginia buyer’s right to choose even more clearly than before:
“The Provisions of the Consumer Real Estate Settlement Protection Act (CRESPA) may not be varied by agreement and rights conferred by this chapter may not be waived. The seller may not require the use of a particular settlement agent as a condition of the sale of the property.”
The "requirement" seems to be most prevelant among short sale listings and in many cases the listing agent is working with the settlement company to negotiate the short sale. However no agent can force you to use particular settlement company via their MLS remarks or by changing your choice of settlement company in your offer.
If you are an agent using this language in your MLS remarks please talk to your broker before you decide that you have the right to select the settlement company. If you can’t get in touch with your broker then contact your local associations legal council. Save yourself a future trip to arbitration. A buyer has the right to choose and no matter how hard you rationalize your change to the contract, you can’t change the law.
Real People*Real Lives*Real Estate
Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations.
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