Terminating a land contract
My wife agreed to sell a piece of property in VA for $50,000. We signed a contract and have not closed. We now find out the land in worth approx $125,000. Can we get out of the contract and what kind of liability would we be exposed to?
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.
Michael E. Hendrickson
Attorney & Counsellor at Law
211 North Union Street Suite 100
Alexandria, 22314
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,
Tiziana Ventimiglia
Tiziana Ventimiglia, Attorney at Law
620 Herndon Parkway, Suite 200
Herndon, VA 20170
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
Robert Strupp
Robert J. Strupp,Attorney at Law, PLC
2325 Dulles Corner Drive Suite 500
Herndon, VA 20171