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The Source

Welcome to The Source!

The Source immerses readers through captivating video content, expert insights, and scenarios. Elevate your industry expertise by checking back each month for engaging multimedia and invaluable professional advice.

The Source is your inside scoop on legal, governmental, and ethical developments in the real estate industry.

New from Legal Services:

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What Documents are Needed When Selling a Home in a Trust?
When selling a home held in a trust, there are specific documents to prove authority to complete the sale. Watch to learn what those documents are.

What's the Difference Between an Assessment and an Appraisal?
While both an assessment and an appraisal look at property value, they are not the same thing. Learn more so you can better assist your clients.

How Can I Tell if My Loan is Assumable?
Many sellers want to know if their loan is assumable in order to keep a low interest rate. Hear from members of the Real Estate Finance and Settlements Forum on how to tell is a loan assumable.

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Standard Forms Changes Effective July 1, 2025

The NVAR Board of Directors has approved new forms and forms changes, as proposed by the NVAR Standard Forms Committee. The changes will be effective July 1, 2025, and will introduce a new form, K1405 - VA Loan Assumption Contingency Addendum. We are also excited to announce the introduction of the NVAR Clauses Library.

Roll-Back Taxes: What Are They, and Why Do I Care?

Landowners in the Land Use Assessment Program enjoy reduced property taxes based on use value, encouraging preservation of agricultural and open space land. These savings are deferred, not permanent — land use changes may trigger significant roll-back taxes.

Legal Hotline Question of the Month

"Wood-Destroying Insect (WDI) Inspections: What are a seller's repair and treatment obligations for WDI inspections?"

Knowing what the Residential Sales Contract says regarding Wood-Destroying Insects has been a question that has come up frequently on the NVAR Legal Hotline.

New from Government Affairs:

What Realtors® Need to Know: The Day Before the 2025 Primary

Tomorrow is Primary Day across the Commonwealth. While Virginia REALTORS® hasn't endorsed statewide candidates this year, there's still a lot at stake, especially here in Northern Virginia. Watch or read to learn about candidates who align with Realtor® priorities, such as the impact of zoning laws, property taxes, and housing policy.

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What You Need to Know From the 2025 Virginia General Assembly Session

Despite a delayed start and a shortened timeline, the 2025 Virginia General Assembly delivered a highly productive session. Lawmakers tackled a broad spectrum of issues with focus and intensity, advancing key legislation that will shape the Commonwealth’s future across housing, infrastructure, education, and beyond.

Your Delegates and Senators introduced 3,107 bills and resolutions over the 45-day General Assembly Session. Of these, 1,535 bills and resolutions were passed. Governor Glenn Youngkin used his power to amend or veto a large number of bills, ultimately enacting 727 bills and vetoing 196.

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New from Professional Services:

The National Association of REALTORS® (NAR) Approves Clarifying Changes to Code of Ethics Standard

At its June 5 meeting, NAR’s Board approved updates to Standard of Practice 10-5, clarifying the definition of harassment in line with its Member Code of Conduct. Article 10 remains unchanged, continuing to prohibit discrimination in professional services and employment opportunities.

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Ethics Case Study of the Month

Every month, the NVAR Grievance Committee and Professional Standards Committee review complaints from Realtors® and members of the public alleging violations of the National Association of REALTORS® Code of Ethics. The following case represents a sample of a common complaint received recently by NVAR.

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NORTHERN VIRGINIA ASSOCIATION OF REALTORS®