Financial

Real estate: the fine print of the Regional Contract

Published

14 years ago

May 26, 2011

Choosing a buyer’s agent isn’t just about finding someone who knows the neighborhood, can commit to the time necessary to helping you find your perfect place and can get you to settlement smoothly — it’s also about finding someone with the smarts and detail-oriented know how to help you navigate the plethora of legal forms that you’ll sign binding you to the house you’ll eventually buy.

Most agents are not lawyers, and therefore are not allowed to practice law. But since most buyers don’t meet a lawyer involved in their transaction until settlement, the agents are their primary guide to understanding the impact of what they sign.

For sellers, too, an agent must also be savvy with the ins and outs of the contracts. For buyers and sellers alike, having an intelligent agent who knows the fine print of the standard contracts can give them a huge advantage in the transaction. Most agents use the Regional Sales Contract in the D.C., Maryland and Virginia area around Washington, and there are a number of unexpected surprises contained in those forms, so as a buyer or seller, it helps if you know a few of them too:

1. The contingency expiration date that never comes

Buyers count on contingencies to protect them in the event they find something out during the process that changes their ability or desire to buy the property. Sellers count on those contingencies ending at some point so they can have confidence they’ll actually get to settlement.

Two big contingencies, the financing and the appraisal contingencies, have expiration dates that can come and go, but still remain in effect, even all the way until settlement. The financing contingency does not expire until the seller gives notice (an official signed document pertaining to the transaction) that the deadline has expired. But if the buyer doesn’t remove the contingency within three days of receiving this notice, the contract dies.

The language is worded thus to protect the buyer, obviously. Unfortunately, the effect this generally has is that sellers are so scared to deliver the notice (and therefore risk the contract dying) that they don’t do so, and then the contingency deadline loses all meaning since it goes on indefinitely. Often, sellers don’t even know they have to give notice, especially if they are working with an agent who may not know the contract so well, and think they can take the earnest money deposit (often tens of thousands of dollars) if the buyer doesn’t qualify for the loan after the expiration, only to find out they can take nothing.

Similarly, the appraisal contingency deadline can also come, go, and still remain in effect if the seller does not give notice of that deadline’s expiration. The difference is that if the buyer doesn’t respond in three days, that contingency expires, but the contract survives. Therefore, every good seller’s agent should deliver notice immediately upon expiration of that contingency to ensure the seller is duly protected. Most other contingencies in the standard Regional Sales Contract expire upon their expiration date.

2. The attachments that don’t convey

Most buyers and sellers who have some experience in the market know that attached fixtures (elements of the house or decor that are physically attached to the property in a relatively permanent way) convey, or come with, the property without express written agreement. So the sofa goes, the light fixtures stay; the lamps go but the mantelpiece stays — unless agreed to otherwise in writing.

What about blinds, curtain rods, built-in refrigerators, and, most importantly as of late, wall-mounted flat-screen televisions? Well, good agents know that to ensure there is no dispute down the road, any ambiguous items should be identified and agreed upon in writing. But good agents know that some of these items are already excluded by default in the regional sales contract. For example, mounted televisions and speakers that extend outside the wall or ceiling do not convey unless otherwise agreed upon. Since they are affixed to the wall, many buyers and their agents assume they count as fixtures and will convey automatically. The contract says otherwise, so beware!

3. When digital signatures don’t count

Digital signatures are being used more and more frequently these days, and it’s understandable. In our area, a normal contract usually is more than 25 pages long, and sometimes it’s more than 50! Printing and faxing or e-mailing these docs back and forth has become a huge burden, even as internet speeds improve, so being able to enter a password and click to place your signature in a document on your desktop saves a lot of time and toner.

However, many agents who use digital signatures don’t get a digital signatures authorization form signed from the beginning that allows for digital signatures to be interpreted as valid in a legal sense. Without that one form signed, by hand, the entire contract could be considered invalid. The day of settlement, the buyer could simply walk away. Similarly, a contract originally agreed to in writing but then signed in subsequent parts digitally could be considered valid only until the subsequent parts that weren’t signed by hand. In that sense, if a buyer makes certain demands under the home inspection contingency but submits notice with a digital signature without an agreement to sign in such a way, they have effectively not given notice by the deadline and may lose all the rights to make such demands once the deadline expires.

4. Never leave the blank blank

In the regional sales contract, there are hundreds of blank fields that agents fill in to get the deal done. Many of them simply don’t apply to the transaction; condo language doesn’t apply when you’re buying a single family home, and language that clarifies how a mortgage is to be assumed almost never pertains to transactions these days. But if a blank is left blank in an active and applicable section of the contract, rather than crossed through or filled in with “N/A,” it may eventually come back and bite you, whether you’re a buyer or a seller. For example, says Jason Sherman of Paragon Title Company, in a condominium transfer where there is no special assessment as of the contract date, but one comes up before settlement, there is no clear indication of who will pay it unless the agents fill in one of two options on the condominium addendum. When there’s no assessment it’s almost always left blank, but if an assessment comes in mid-stream there will be problems.

These are just a few of the more common errors I see practiced by inexperienced agents, or misunderstood by most buyers and sellers. But of course there are many more pitfalls that can sneak up on you. That’s why your choice in your Realtor shouldn’t just be based on whether he or she can make small talk at a cocktail party or has a nice advertisement. It should hinge on your confidence that they can handle the tricky — and often costly — intricacies of the legal documents you sign too.

David Bediz is a Realtor at Coldwell Banker Residential Brokerage and part of the Dwight and David Real Estate Group. He can be reached at 202 352 8456 or through www.DwightandDavid.com. He is not a lawyer and none of this article shall be construed as legal advice.

Real Estate

No Rose, your interest rate has nothing to do with how many likes you got on Hinge

Many factors help determine rates these days

Published

6 days ago

June 14, 2025

Joseph Hudson

With the rise of interest rates in recent years, buyers must understand the many factors that go into the final number. (Image by HomeStead Digital/Bigstock)

Picture it, you’re sitting in the lunchroom at work, and your coworker just bought a house. Another coworker bought one a few months ago and you hear that she got a totally different interest rate than the other one did, even though they both bought houses not that far from each other. Homebuyers everywhere have been wondering what interest rates they are going to get, lately. It’s easy to read an article online or see an ad on social media stating specific numbers, but there may be more than meets the eye going into a particular buyer’s interest rate.

What are the factors that can affect the interest rate a buyer eventually “locks in”?

Property details – certain properties may be in neighborhoods with higher rates of foreclosure, or there may be specific census tracts that allow a buyer to participate in the “Fannie Mae Home Ready” and “Freddie Mac Home Possible” programs, which carry more flexible requirements such as various income limits and lower interest rates, to help people begin homeownership.
Type of loan / loan amount– a conventional, conforming loan or a jumbo loan can have differing interest rates, as well as FHA loans.
Credit score – most people are aware that this affects what interest rate is quoted, just like on a credit card. Some lenders will work with you on ways to improve a credit score if the goal is to buy six, nine, or 12 months from now.
Lock period – do you want to lock in the rate for 30 days? 45? Market volatility can cause the rates to change so it will cost more money to hold onto a particular interest rate.
Loan to value ratio – one can still buy a home with less than 20% down, but the rate that is quoted may be higher.
Occupancy type – is this the primary residence or an investment property?
Points bought or credits taken – A buyer can pay the lender a fee to buy down the interest rate, or the seller can sometimes offer a credit. This has become more popular in recent years.
Market conditions – keep an eye on the news – as we are all aware, change is the only constant!

Lender Tina del Casale with Atlantic Union Bank says, “With jumbo fixed rates in the low 6’s, and first-time buyer down payment assistance loans such as DC Open Doors, rates are in the mid 7’s. With the added factors of your income, the address you are purchasing and your credit score factoring into the equation, interest rates are different from buyer to buyer these days. So, skip the online tools and make a few calls because that’s the only way to get an accurate quote these days!”

It might feel like an overwhelming amount of information to take on, but remember, there are people that help others take these big steps every day. A trusted lender and Realtor can guide their clients from start to finish when it comes to purchasing a home. And for that, you’ll be saying, “thank you for being a friend!”

Joseph Hudson is a referral agent with Metro Referrals. Reach him at 703-587-0597 or [email protected].

Real Estate

The best U.S. cities for LGBTQ homebuyers in 2025

Where strong equality scores, vibrant culture, attainable prices converge

Published

2 weeks ago

June 8, 2025

Scott Helms

Philadelphia is among cities that rank highest for LGBTQ homebuyers. (Photo by sborisov/Bigstock)

Buying a home has always been a landmark of security and self-expression. For LGBTQ+ people, it can also be a powerful act of claiming space in a country where housing equality is still a work in progress. The good news? This year offers more options—and more protections—than ever. A record-breaking 130 U.S. cities now score a perfect 100 on the Human Rights Campaign’s Municipal Equality Index (MEI), meaning their local laws, services, and political leadership actively protect queer residents, reports.hrc.org. Meanwhile, national housing analysts at Zillow expect only modest price growth this year (about 2.6 percent), giving buyers a little breathing room to shop around.

Below are eight standout markets where strong equality scores, vibrant LGBTQ+ culture, and relatively attainable prices converge. Median sale prices are from March 2025 Zillow data.

1. Minneapolis–St. Paul, MN

Median sale price: $317,500

Twin Cities residents benefit from statewide nondiscrimination laws that explicitly cover sexual orientation and gender identity, a thriving queer arts scene, and dozens of neighborhood Pride celebrations beyond the mega-festival each June. Buyers also appreciate Minnesota’s down-payment assistance programs for first-time and BIPOC purchasers—many LGBTQ+ households qualify.

2. Philadelphia

Median sale price: $227,667

Philly combines East Coast culture with Mid-Atlantic affordability. “Gayborhood” anchors like Giovanni’s Room bookstore mingle with new LGBTQ-owned cafés in Fishtown and South Philly. Pennsylvania added statewide housing protections in 2024, closing the legal gaps that once worried trans and nonbinary buyers.

3. Pittsburgh

Median sale price: $221,667

Don’t let the steel-town stereotype fool you—Pittsburgh’s MEI score is 100, and its real-estate dollar stretches further than in comparable metros. Lawrenceville and Bloomfield have become hubs for queer-owned eateries and co-working spaces, while regional employers in tech and healthcare boast top Corporate Equality Index ratings.

4. Tucson, Ariz.

Median sale price: $328,333

This desert city punches above its weight in LGBTQ+ visibility thanks to the University of Arizona, a nationally ranked Pride parade, and some of the country’s most picturesque outdoor recreation. Arizona’s statewide fair-housing statute now explicitly lists gender identity, giving buyers added recourse if discrimination occurs.

5. Madison, Wisc.

Median sale price: $413,867

Madison blends progressive politics with a top-five public university and a booming tech corridor. Local lenders routinely promote inclusive marketing, and Dane County offers one of the few county-level LGBTQ+ home-ownership programs in the nation, providing up to $10,000 in forgivable assistance for low-to-moderate-income couples.

6. Atlanta

Median sale price: $359,967

The cultural capital of the Southeast delivers queer nightlife, Fortune 500 jobs, and a web of supportive nonprofits such as Lost-n-Found Youth. While Georgia lacks statewide protections, Atlanta’s 100-point MEI score covers public accommodations, contracting, and employer requirements—shielding homebuyers who choose in-town neighborhoods like Midtown or East Point.

7. St. Petersburg, Fla.

Median sale price: $354,667 Yes, Florida’s statewide politics are turbulent, but St. Pete has long held firm on LGBTQ+ equality. The city’s Pride festival draws nearly a million visitors, and local ordinances bar discrimination in housing and public services. Waterfront bungalows in Kenwood and more affordable condos near Uptown give first-time buyers options.

8. Denver

Median sale price: $563,500

Colorado passed some of the nation’s strongest gender identity housing protections in 2024, and Denver’s queer community remains one of the most visible in the Mountain West. Although prices run higher, buyers gain exceptional job growth and one of the country’s largest Gay & Lesbian Chambers of Commerce.

Smart Strategies for LGBTQ+ Buyers & Sellers

1. Build Your Dream Team Early

Work with an equality-focused real-estate pro. The easiest way is to start at GayRealEstate.com, which has screened gay, lesbian, and allied agents in every U.S. market for more than 30 years.
Choose inclusive lenders and inspectors. Ask whether each vendor follows HUD’s 2021 guidance interpreting the Fair Housing Act to cover sexual orientation and gender identity.

2. Know Your Rights—And Limitations

Federal law bars housing bias, but enforcement can lag. Document everything and report issues to HUD, your state civil-rights agency, or Lambda Legal.
In states without full protections, rely on city ordinances (check the MEI) and add explicit nondiscrimination language to your purchase contract.

3. Evaluate Neighborhood Fit

Use local data: crime stats, school ratings, transit, and MEI scores of nearby suburbs.
Spend time in queer-owned cafés, bars, and community centers to gauge true inclusivity.

4. For Sellers: Market With Pride—And Professionalism

Highlight proximity to LGBTQ+ resources (community centers, Pride festivals) in your listing remarks.
Stage neutrally but inclusively—rainbow art is great, but removing personal photos can protect privacy during showings.

The landscape for LGBTQ+ homeowners is evolving fast. By coupling inclusive laws, supportive culture, and attainable prices, cities like Minneapolis, Philadelphia, and Tucson stand out for 2025. No matter where you land, surround yourself with professionals who value every part of your identity. Start your journey at GayRealEstate.com, lean on the resources above, and claim your corner of the American dream—on your own terms, and with pride.

Scott Helms is president and owner of Gayrealestate.com.

Real Estate

Summer-ready rentals: How to prepare for the season

Inspect your A/C, upgrade the kitchen, and more

Published

3 weeks ago

June 1, 2025

Scott Bloom

Adding stone countertops and making other kitchen improvements can greatly boost the value of a rental. (Photo by Wollwerth/Bigstock)

Now’s the time to get your property looking sharp for summer. In the D.C. rental market, summer is our version of the Super Bowl. Tenants are on the move, leases are flipping, and if your property isn’t ready for game time, you’re sitting on the bench while the competition scores.

Here’s how to get your rental property summer-ready, keep it competitive, and avoid the scramble once the heat (and the demand) is on.

First Impressions Count

In a walkable city like D.C., curb appeal isn’t a luxury, it’s your ticket to play. Prospective tenants don’t just scroll through listings from their couches; they walk the neighborhoods, eyeing buildings and row homes like it’s a real-life episode of House Hunters. If your property looks run-down from the sidewalk, it doesn’t matter how nice it is inside: you’ll already have lost their attention.

Start with a good power wash. Sidewalks, front steps, and that brick façade can collect a year’s worth of grime and pollen, and nothing says “we didn’t get around to it” quite like a dingy entryway. Once that’s done, grab a paintbrush and freshen up the details — front doors, railings, and window trim are often the first thing people see, and chipped or faded paint sends the wrong message. Landscaping doesn’t have to rival a botanical garden, but it should be tidy and intentional. A few potted plants, some trimmed bushes, and a weed-free yard show that you care. And don’t forget the lighting — a working porch light adds a layer of polish and safety. Think of curb appeal like a dating profile picture. If it’s not appealing, people won’t even bother to swipe right.

Handle Maintenance Before Repair Emergencies

Summer in D.C. means one thing: humidity. And it’s not just uncomfortable. It’s a property’s worst enemy if you’re not on top of things. Tenants will test that A/C the minute they move in, so don’t wait for a 98-degree day to find out the AC compressor is clogged and is not performing to its potential. While you’re at it, check those windows and screens. No one wants a unit that turns into a sauna because the windows won’t open or the screens are shredded.

Plumbing deserves a once-over, too. In some of D.C.’s older neighborhoods, tree roots have been known to snake their way into century-old pipes. If you’ve had slow drains or backups, now’s the time to act. And don’t skip out on pest control. Ants, roaches, and rodents all love a good D.C. summer, but your tenants sure don’t. A preventative visit now can spare you the late-night emergency call later.

Upgrade What Matters

If your place still has that “2008 Craigslist listing” look, now’s your chance for a low-cost glow-up that pays off in higher rent and better tenants.

You don’t have to renovate the entire kitchen, but a few strategic upgrades can keep your property feeling current without breaking the bank. Swapping out dated cabinet pulls or faucet fixtures is a quick win. Replacing an old Formica countertop with stone is a great add, albeit a bigger investment.

Installing a smart thermostat or keyless entry, especially if you’re trying to attract a tech-savvy tenant, adds a bit of glitz. And don’t underestimate the value of LED lighting. Not only is the lighting brighter, but energy efficiency is a real plus when Pepco bills start climbing.

Don’t Forget the Marketing Materials

The window for summer leasing moves fast. Between May and August, tenants are locking in their spots quickly, and they aren’t wasting time on listings that look outdated or vague. Having strong, current marketing materials can be the difference between locking in a new tenant over several weeks or watching your property sit vacant for several months while others get rented.

When writing your listing, make sure it reflects the strengths of the unit and its location. Is there a private balcony that catches the sunset? Mention it. Is the washer and dryer tucked inside the unit instead of down a shared hallway? Highlight that. And in the D.C. summer heat, central A/C and ceiling fans aren’t bonuses; they’re expectations. Mention any shaded outdoor spaces, or if you’re lucky enough to be close to a pool, splash pad, or one of the city’s beloved parks, say so.

Once the property is shining on the outside and tuned up inside, the final step is making sure that polish shows up in your marketing. Your listing needs to be more than just functional, it needs to sell. That starts with updated and clear photos. Snap new images once the landscaping is cleaned up, the paint has dried, and the light’s hitting just right. Don’t use older photos pre-2020 where the tree out front was still a sapling and the trash bins were in the shot. And please, always close toilet seats first! Prospective renters are savvy, and their intuition perks up when they see less than professional looking photos.

It’s All About Timing

This summer, make the most of the opportunity. In D.C., there’s a wave of renters moving for new jobs, internships, or simply trying to relocate before school starts. Landlords who prep early and market smartly are the ones who don’t just find tenants, they find good tenants. And they fill units faster.

Grab that to-do list, schedule those contractors, and maybe treat yourself to a cold one after a long day of touch-ups. You’ll thank yourself later when your rental is leased out and earning while others are still scrambling at the end of the season.

Scott Bloom is owner and senior property manager at Columbia Property Management. For more information and resources, visit ColumbiaPM.com.