Contracts
A Virginia seller defaults on a sales contract by refusing to close. The buyer's most powerful legal remedy is:
AKeeping the seller's earnest money
BSpecific performance — a court order requiring the seller to complete the sale✓ Correct
CFiling a VREB complaint only
DSuing only for return of their earnest money
Explanation
Because every parcel of real estate is unique, courts may order specific performance — compelling the seller to complete the transaction — when a seller wrongfully refuses to close.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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