Legal Question in Real Estate Law in Virginia

Real Estate

I made a down payment on some land in Craig County Virginia. I have change my mind on the purchase. The seller is saying he will keep my down payment if we don't settle. Does he have a legal right to keep my $15,000


Asked on 3/05/08, 8:00 am

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

Re: Real Estate

It depends on the terms of the contract, but generally yes, unless there is a condition or contingencty that has not been satisfied. You may be lucky that's all the seller wants, since many contracts give the seller the right to hold you to the difference between your purchase price and whatever he can re-sell it to someone else for, plus the added cost of re-selling it.

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Answered on 3/05/08, 8:34 am


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