Legal Question in Real Estate Law in Virginia

Re: Purchase contract

Well, I would caution you to NOT assume tha the answer to this question will determine the end result. It would be important to look at exactly what all the documents say and what has been done before now. Whether things have been waived, what demands have been made, etc. would all be important.

However, generally speaking NO, there is no precise meaning for a "reasonable time."

What constitutes a reasonable time might be affected by such issues as: (1) what the normal understanding is in the industry. Is there a typical way that things are done, a "trade custom." (2) what are the circumstances? Is the buyer about to be out on the street having already sold the buyer's previous house, or is the seller about to lose the house in foreclosure? (3) Is there a good excuse for the delay? Is it "reasonable" that a lender is overwhelmed? Sure. (4) Is it reasonable for the person objecting to the delay to walk away? That is, are they going to lose money from the delay? Is there a problem that the delay is causing?

When you talk about something like what is "reasonable" you have to consider all the circumstances on a case by case basis.