Tucker's Tips: Dec 28, 2011

Tip 53-2011: New Years

(New Years)

Hopefully everyone had a wonderful Christmas Holiday weekend. Remember Tucker’s Tips is still taking a vacation this week for New Years.

(Reminder: The Clerk’s Offices for Charlottesville and Albemarle will be closed Friday, December 30, but the other surrounding Clerk’s Offices will be open on Friday. All of the Clerk’s Offices will be closed Monday, January 2, 2012.)

It’s hard to believe another year has gone by. All of us at Tucker Griffin Barnes hope 2011 was a good year for you, and that 2012 will be even better. Stay safe and warm. Don’t drink and drive, and “Have A Happy New Year!”

William D. Tucker, III, Sr. Partner

Tucker Griffin Barnes P.C.

TGBLaw.com | Facebook | Twitter | YouTube

Where Deep Insight Equals Powerful Advantage!

Charlottesville 434-973-7474 | Lake Monticello 434-589-3636

Tip 52-2001: Holiday Vacation

(Holiday Vacation)

Tag: Real Estate Attorney

Tucker’s Tips is taking a vacation this week (Christmas Week) and next (New Year’s Week.) Hopefully all real estate professionals who receive this email are preparing to spend time with their families and loved ones during this Holiday Season.

This is a great time to remember why we are thankful for all those people who enrich each of our lives. Remember to tell them why they are so important to you (Gifts are fine, but telling someone that you love them, and why they are important to you can not be duplicated.) And don’t forget — “A Hug a Day Keeps the Doctor Away.”

Merry Christmas and Happy Chanukah! Have a Safe and Joyous Holiday!

William D. Tucker, III, Sr. Partner

Tucker Griffin Barnes P.C.

TGBLaw.com | Facebook | Twitter | YouTube

Where deep insight equals powerful advantage!

Charlottesville 434-973-7474 | Lake Monticello 434-589-3636

Tip 51-2011: Clerk's Office Schedule for the Holidays

(Clerk’s Office Schedule for the Holidays)

Tag: Real Estate Attorney

The local Clerk’s Offices will be closed on Friday, December 23 and Monday, December 26 for Christmas. Accordingly, all recordings prior to Christmas need to be completed by Thursday, December 22nd. The Clerk’s Offices, as of now, will be opened the full day on Thursday (No half day Thursday office hours, but this could change for individual Clerk’s Offices.)

For the next week, the Clerk’s Offices will be open from Tuesday, December 27 through all day Friday, December 30. As Saturday is New Year’s Eve and Sunday, New Year’s Day, all of the Clerk’s Offices will be closed Monday, January 2. Although none of the Clerk’s Offices have announced early closings on Friday, December 30, to be safe all recordings should be completed in the morning of December 30.

William D. Tucker, III, Sr. Partner

Tucker Griffin Barnes P.C.

TGBLaw.com | Facebook | Twitter | YouTube

Where Deep Insight Equals Powerful Advantage!

Charlottesville 434-973-7474 | Lake Monticello 434-589-3636

Tip 50-2011: Short Sales & Multiple Contracts

(Short Sales & Multiple Contracts)

Tag: Real Estate Attorney

The normal practice in the real estate community is that Sellers should sign only one contract to sell their home. Any additional contracts are normally treated as “back up contracts.”

In a short sale situation, this practice is not necessarily true. In other words, the Short Sale Seller can sign multiple contracts (even if they do not state that the subsequent contracts are “back up’s.”) The reason for this is that the Short Sale Lender will only accept one of the contracts for an approved short sale.

As long as each of the executed contracts have a short sale contingency (the VAR Form 600 SS, Short Sale Addendum contains an excellent contingency), then the Seller will not be in breach of contract by signing multiple contracts. The Short Sale Lender will only accept one contract and the other contracts will terminate due to the short sale contingency. In other words, the executed contracts not approved by the Short Sale Lender will terminate due to the failure to obtain Short Sale Lender approval.

Remember in “Short Sales” most of what all real estate professionals have learned and experienced in a normal market are “out the window.” Everything is usually different with short sales.

Please call me at 434-951-0858 if you have questions.

William D. Tucker, III, Sr. Partner

Tucker Griffin Barnes P.C.

TGBLaw.com | Facebook | Twitter | YouTube

Where Deep Insight Equals Powerful Advantage!

Charlottesville 434-973-7474 | Lake Monticello 434-589-3636