Legal Question in Real Estate Law in Virginia

Contract language/purchaser's obligation

My residential contract was for: (1) seller financing with my holding 50% mortgage and the remainder (2) 50% to be cash paid at closing. No time of the essence or contingencies for the purchaser to sell other property. (1)The purchaser never provided a credit report, financial statement etc. as required for me to hold mortgage as stated in the contract. (2) Nor was the remainder in cash verified within 15 days the contract was ratified from a source such as a bank as stated in the contract. The purchaser is suing me for specific performance and lis pendens for anticipatory breach stating they wanted to come in with ALL cash. I needed to hold the mortgage to minimize tax consequences. Can a judge agree for them to change the contract like this without written agreement by me? Please advise if they really could be awarded my property when it is evident THEY breached?

I appreciate your input. Thank you


Asked on 1/21/04, 11:19 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Contract language/purchaser's obligation

If everything is as you claim, with the purchaser failing to fullfill at least two of the contract's provisions required of him, his chancery suit for specific performance in circuit court should fail. I would suggest, however, that you retain the services of an attorney knowledgeable in contract and real property law

to represent you in this matter.

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Answered on 1/22/04, 9:57 am


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