Legal Question in Real Estate Law in Virginia

Closing Question

My wife and I recenty signed a contract agreeing to sell our house. Unfortunately our situation has changed (l lost the job I was moving to pursue) and now need to stay in the house. Our contract is a standard state of VA realtor association contract. I've told my wife other than asking to be let out of the contract and agreeing to pay reasonable costs incurred as a result of the inconvenience, I see no way out of this contract.

All contingencies have been removed from the contact and closing is on June 1st. Are there any other options for us or are we stuck if the buyer will not honor our request to reconsider?


Asked on 5/04/07, 8:45 pm

1 Answer from Attorneys
Robert Strupp Robert J. Strupp,Attorney at Law, PLC

Re: Closing Question

I encourage you to have an attorney review the contract and facts to see if there may be an opportunity to cancel. If not, since, in some areas, there are many properties on the market, you may be able to negotiate with the buyer to make a payment in exchange for an agreement to terminate the contract.

Best Wishes,

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Answered on 5/05/07, 6:19 am


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