Legal Question in Real Estate Law in Virginia

Home purchase - can I change my mind?

I recently put in an offer on a house which was accepted by the seller. We have not closed, and I am still waiting on the loan approval and appraisal. I have since had second thoughts about purchasing the property. What are the legal ramifications to backing out of the deal before closing? Do I have that option? I have put down $2000 of "earnest money" for a deposit. I realize I may lose that, but will I lose anything else? Thank you for your time!


Asked on 3/20/99, 12:38 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Home purchase - can I change my mind?

It depends on the terms of your contract. You may be liable for the difference in sale price plus additional expenses of sale, plus potentially the broker's commission, if you breach. See a lawyer immediately to see if there are any ways you can back out of the contract if that is what you want to do. Breach can be costly.

Daniel Press

Chung & Press, P.C.

6723 Whittier Ave., Suite 302


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Answered on 4/04/99, 10:26 pm


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