Legal Question in Real Estate Law in Virginia
Ready to Close-but denied
A very good newlywed couple were buying their first house- they were all packed, utilities transferred, truck rented. Two hours before their scheduled closing, their realtor called and informed them that the sellers did not have enough money to close. Their apt. has already been rented, but we are letting them stay with us. Is there any way for my friends to recoop the inspection money, ''holdover'' rent, etc.? It seems to me that this would be considered a ''breach of contract''. It is worth is to pursue money? I guess that sellers are more like ''house flippers'' and when another sale fell through, that kept them from having funds to pay for my friend's closing. There was never any mention that the sale of their house was contingent on any other properties selling first.
Thanks!
2 Answers from Attorneys
Re: Ready to Close-but denied
The newlyweds might well have a cause of action against the sellers for damages. These damages might include the out-of-pocket expenses you have noted, as well as the failure of the sellers to go to closing, including the costs of associated with finding another home and pehaps a igher mortgage interest rate.I say might because the answer requires review of the contract and related paperwork.
Robert J. Strupp
Re: Ready to Close-but denied
Gee, maybe this unanticpated (not to mention unwelcome) company will still be around to toast the New Year, too, with their co-parties in a transaction that somehow seems at least at this point still somewhat ill-consumated.
DAMAGES, you're now asking about for your friends, who apparently are too timid to raise any such questions themselves and for themselves for a very obvious and material breach of the sale contract, i.e., non-payment, as, apparently, these folks ("the very good newlywed couple") must obviously still be celebrating the 40th anniversary of the so-called "Summer of Love"(San Francisco 1967) and have consequently bestowed an unlimited bouquet of affection and patience upon the co-occupiers of property that they once so temerariously thought might one day be truly theirs. Sniff...
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