Legal Question in Real Estate Law in Virginia

This is what I received from my property management.
�Your Lease Option sales price is not negotiable. If you are interested in purchasing this property, you will need to come up with the difference. If not, you can extend for another year to see if you qualify for more but an additional EMD of $3000 will need to be given.�
I trying to excise my option. I have put down 5k already. Price of contract 165k The market value of the house is 110k-120k with no up grade. 3/1.5 build in 1969 . I asked property management please asked owner to negotiate. Will I lose my down payment if I cant get a mortgage?

Asked on 5/03/12, 11:15 am

Michael Hendrickson Law Office Michael E. Hendrickson

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Without reviewing all of the pertinent paperwork, it would be difficult

say with any certainty (but so-called "earnest money" or down

payments from a prospective buyer are often forfeited under such

circumstances as you've described).

Answered on 5/06/12, 7:45 am

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