Contracts
In Virginia, a buyer who defaults on a real estate contract by refusing to close may be liable for:
AImprisonment
BForfeiture of earnest money and potentially a lawsuit for actual damages or specific performance✓ Correct
CA fine payable to VREB
DMandatory mediation at the buyer's expense
Explanation
A defaulting buyer may forfeit their earnest money as liquidated damages if the contract provides for it. The seller may also sue for actual damages or specific performance (forcing the buyer to close).
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