This
class is in person participation only.
Understanding earnest money deposits is an
essential part of any real estate transaction. From my
presentation, I am hoping you understand where Virginia stands
in regards to laws surrounding earnest money deposits, where to
find earnest money deposits on the VAR contract, and where earnest
money deposits are also subjects in other real estate
transactions.
An earnest money deposit is not a
security deposit. The money shows the eagerness of the buyer for
the potential transaction. As I have laid out in this
presentation, sometimes the buyer is able to receive the money
back, but usually only if there is a clear contingency that
specifically allows the return of the EMD. When in doubt, it
is important to reference the contract to learn about the
particular EMD required for a specific closing.
In regards to the VAR contract,
when there is a clear contingency of the contract, the EMD is able
to be returned to the potential buyer. The contract does not say
what happens to the EMD when there is a legal issue or a breach of
contract. Lastly, the amount of money noted on the contract for the
EMD deposit matters. In some cases it can be foolish to be too
earnest and place more money, while in other cases it is a bad idea
to
put too little money.
Virginia codes and Administrative
Regulations guide us about the EMD when the contract does not.
Additionally, Virginia case laws can also guide us about the
EMD. Looking at contracts, codes, and case law can help point us
in the right direction if a question were to arise about the
earnest money deposit.
Hillsdale Conference Center - Ballroom - Ballroom
Hillsdale Conference Center - Ballroom (Ballroom)
550 Hillsdale Dr.
Charlottesville, VA 22901
Map & Directions
Barnhardt, Addison
Addison was born in Charlottesville and grew up in Woodberry Forest, VA. He graduated from St. Anne’s-Belfield in 2001 and went Vanderbilt University where he majored in Human and Organizational Development and minored in Film Studies. Addison attended Vermont Law School and earned a J.D., cum laude, and a Masters in Environmental Law Policy, magna cum laude, focusing in land use law.
Addison lives in Ivy with his wife Willa and children.
Association & Membership:- Virginia State Bar, Real Property Section
- Charlottesville Albemarle Bar Association, Real Property Section
- Board of Zoning Appeals, City of Charlottesville
- Charlottesville Albemarle Airport Commission, Chairman
- Thomas Jefferson Inns of Court, Secretary/Treasurer (2014-2018)
- Building Code Board of Appeals, City of Charlottesville (2012-2016)
Widhalm, Pat
Pat is President and Principal Broker of Real Estate III in Charlottesville, VA. She has taught real estate courses throughout Virginia for almost a half-century. Her competencies include risk management, compliance, legal issues, license law, agency law, contract writing, transaction management, and fair housing. She is a certified ethics and professional standards Instructor and an NAR REALTOR® Emerita.