Legal Question in Real Estate Law in Virginia

real estate purchase agreement

We signed a purchase agreement with a buyer to purchase our home for $144,500 however the appraisel came in for $140,000 now they want us to sign a new contract for the 140 amount because they( the broker)says the current contract is not valid. however there is no stippulation in the current contact regarding the appraisel. would this appraisel amount make our contract invalid or is the buyer responsible for the diffrence?


Asked on 7/18/07, 11:05 am

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

Re: real estate purchase agreement

Only if the purchase agreement contained a provision which made the agreement contingent on the contract sale price and the appraisal price being the same.

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Answered on 7/18/07, 11:28 am


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