Legal Question in Real Estate Law in Virginia
Sale of Realty Estate/Land
I recently was contacted by an individual who wanted to purchase a six arce tract on land from me. I signed a contract with a cash payment, 10 days closing. the buyer requested a bountry survey. I contacted a surveyor and paid for the bountry survey ($700.00). We had closing for three days after the bountry survey was completed and provided to my closing attorney. After, six days had passed and I had signed all my closing documents, my attorney said that he would contact the buyer and get their signature and the check for the sales amount and deposit my portion of the sales proceeds into my personal bank account. On the day which the proceeds were to be deposited, I contacted the closing attorney's office only to find out that the buyers would not be closing. The reason provided was based on the buyers settlemnt office would not issue title insurance because they stated that a lawsuit had been filed against the property and I was named as a defindent. As of three days later, I have no knowledge of any legal suit against the property or naming me as a defindent. 1. Do I have any rights to enforce the contract since I have both signatures on the contact with a closing date of ten days and a cash payment.
1 Answer from Attorneys
Re: Sale of Realty Estate/Land
If there was a lawsuit filed, you may not know about it. Your lawyer should get you a copy of what was filed in land records. If there is a lawsuit concerning the property, your title may be in question, and you may not be able to convey the good and marketable title required under the contract. This would excuse the buyer's obligation to close, and may put you in breach.