Legal Question in Real Estate Law in Virginia

Re: Terminating a land contract

I would suggest that you pay for one hour of an

attorney's time who is appropriately knowledgeable in the law of contracts and real property in order to allow for him or her to review your contract document and any pertinent collateral materials and who then should be able to advise you accordingly in this matter.

Re: Terminating a land contract

Your contract is binding... period. In general you cannot get out of the contract unless you signed it under duress, cohertion and etc: as you can imagine.. not easy to prove. However, read your contract carefully because at times if there is a condition to be met, a timeline to follow and the deadline passes for conditions and so forth without proper ratification then the contract may become void. I don't know the terms of your contract so it is very difficult to say... so my advise is to read your contract several times and go through it with the fine toothcomb.

Sincerely,

Re: Terminating a land contract

Good Morning,

It is very difficult to terminate a contract simply because the seller was mistaken as to value. There are exceptions--did the buyer contribute to your wife's mistaken understanding of the property's worth? I would likewise encourage you to contact a real estate attorney for guidance.

Rob Strupp