Contracts
In Virginia, a buyer who has an accepted offer but before closing learns the seller has listed the home as having two fireplaces when it actually has one may:
AOnly request a price reduction
BPursue rescission or damages for misrepresentation of a material feature✓ Correct
COnly seek the return of earnest money
DHave no recourse
Explanation
Misrepresenting the number of fireplaces (a material feature affecting value) constitutes misrepresentation. The buyer may seek contract rescission and/or damages in addition to other remedies.
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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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
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